Hold Skipper; target of Rs 240: Sharekhan
Sharekhan is bullish on Skipper has recommended hold rating on the stock with a target price of Rs 240 in its research report dated September 06 2017.
Sharekhan's research report on Skipper
For Q1FY2018, Skipper reported better-than-expected topline growth of 40% YoY to Rs.399 crore due to spillover orders in the engineering segment from Q4FY2017 to Q1FY2018. The engineering segment grew by 42% YoY, driven by volume growth and realisation. The infrastructure segment showed robust growth with topline more than doubling to Rs.24 crore, while the PVC segment’s revenue grew marginally by 3% YoY to Rs.43 crore due to slower restocking in channels post GST.
We downgrade our rating on the stock to Hold from Buy but maintain our price target (PT) of Rs.240, given the strong earnings CAGR of 21% over FY2017- FY2019E, a leaner balance sheet and steady cash flows.
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