May 18, 2017 06:07 PM IST | Source:

Buy Symphony; target of Rs 1623: ICICI Direct

ICICI Direct is bullish on Symphony has recommended buy rating on the stock with a target price of Rs 1623 in its research report dated May 17, 2017.

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ICICI Direct's research report on Symphony

Symphony recorded strong sales growth of 33% YoY in Q4FY17 led by volume growth mainly due to the introduction of a new range of products (i-touch and pure) during the period. However, introductory offers associated with new products had impacted realisation in Q4, which remained flat YoY.


We have modelled sales and earnings CAGR of 26% and 33%, respectively, in FY17-19E, led by strong volume growth in the wake of better monsoon, Seventh Pay Commission, GST. We use DCF method for valuation, assuming revenue CAGR of 26% (FY15-25E), terminal growth of 5%, WACC of 10% with revised target price of Rs 1623.

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