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Feb 14, 2017, 06.16 PM | Source: Moneycontrol.com

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.

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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.

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, Axis Securities Limited |


Axis Direct's research report on Whirlpool Of India

While we have a positive long-term bias on the stock, valuations factor in an ambitious 20% sales growth over the next decade followed by 5% terminal growth (assuming FCF/PAT of 90%, CoE of 12.5%). Historically, WHIRL has posted 10%/13%/6% CAGR in the last 20Y/10Y/5Y.

Outlook

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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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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Hold Whirlpool Of India; target of Rs 960: Axis Direct

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