HDFC Securities is bullish on Skipper has recommended buy rating on the stock with a target price of Rs 223 in its research report dated May 15, 2017.
HDFC Securities' research report on Skipper
Skipper’s 4QFY17 results (adjusted for forex gains) were in line with our estimates. Revenue grew 7% YoY, led by 25% growth in the PVC business. As per the mgmt, PVC sales normalised starting Feb-17 (post demonet impact).
With ROEs consistently over 20%, valuations (13.2x FY19E EPS) look attractive, both on a relative and absolute basis. Reiterate BUY with a TP of Rs 223/share (15x FY19E EPS), implying a 13% upside from current levels.
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