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Feb 16, 2017, 01.12 PM | Source: Moneycontrol.com

Buy Vip Industries; target of Rs 179: Edelweiss

Edelweiss is bullish on Vip Industries has recommended buy rating on the stock with a target price of Rs 179 in its research report dated February 14, 2017.

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Buy Vip Industries; target of Rs 179: Edelweiss

Edelweiss is bullish on Vip Industries has recommended buy rating on the stock with a target price of Rs 179 in its research report dated February 14, 2017.

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Edelweiss' research report on Vip Industries

VIP Industries’ (VIP) Q3FY17 revenue of INR 3.1bn (up 6% YoY) and EBITDA of INR 260mn (up 42% YoY) came 11% and 17% above estimates, respectively. Domestic luggage grew 10% in volume and value terms, despite demonetisation concerns. Gross margin expanded 378bps YoY to 47.8% and EBITDA margin moved up 216bps due to better negotiation with suppliers.

Outlook

We estimate it to post robust 22% PAT CAGR and 452bps RoCE expansion to 35% over FY17-19E. We maintain ‘BUY’ with TP of INR 179 (on 22x FY19E EPS). At CMP, the stock trades at 18.2x FY19E EPS.

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Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Buy Vip Industries; target of Rs 179: Edelweiss

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