Hold Whirlpool Of India; target of Rs 960: Axis Direct
Axis Direct recommended hold rating on Whirlpool Of India with a target price of Rs 960 in its research report dated February 09, 2017.
Axis Direct's research report on Whirlpool Of India
Whirlpool net sales at Rs 9.7 bn, flat YoY (though above our estimate of - 5% YoY de-growth). Gross margin up 260 bps at 52.9%; EBITDA margin up 200 bps YoY to 8.7%, above our estimate of 7%. PAT at Rs 554 mn was up 44% YoY. We trim our FY17 sales growth to 13% from 15% to factor in weak Q3 performance; maintain FY18. Upgrade to HOLD on stock price correction. TP stands at Rs 960 (30x FY18E EPS).
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