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Buy Himadri Chemicals target of Rs 229: PINC
PINC Research has recommended a buy rating on Himadri Chemicals and Industries with a target of Rs 229. Himadri Chemicals & Industries Ltd. (Himadri) reported 37% YoY growth in net sales to Rs 1.1 billion. Net profits rose 16% YoY to Rs 230 million.
PINC Research has recommended a buy rating on Himadri Chemicals and Industries with a target of Rs 229 in its November 6, 2008 research report. "Himadri Chemicals & Industries Ltd. (Himadri) reported 37% YoY growth in net sales to Rs 1.1 billion. Net profits rose 16% YoY to Rs 230 million."
"At the CMP of Rs152, the stock trades at a P/E of 3.5x and EV/EBIDT of 3.0x FY10 estimates. Assuming cost of equity of 15% and terminal growth rate of 2% (in alignment with user industries viz. Aluminium and Graphite Electrodes), we have arrived at a DCF value of Rs 229. Midful of the scalability of its business model, comprehensive product profile and steady profitability of operations, we recommended a 'BUY' on a 12-month investment horizon," says PINC's research report
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