ICICI Direct recommended hold rating on Cox & Kings with a target price of Rs 180 in its research report dated November 30, 2016.
ICICI Direct's research report on Cox & Kings
We have reduced our EPS estimate by 7.6% & 3.6% for FY17E & FY18E, respectively, to factor in a lean H2FY17 and poor performance in international operations. Further, elevated debt levels and higher cost are expected to keep margins under check. Accordingly, we have revised our target price downwards from Rs 200/share to Rs 180/ share (i.e. valuing at 7x FY18E EPS) and maintain our HOLD rating on the stock. Any major debt reduction remains a key trigger from a longer term perspective.
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