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Feb 14, 2017, 06.04 PM | Source: Moneycontrol.com

Sell TTK Prestige; target of Rs 4020: Axis Direct

Axis Direct is bearish on TTK Prestige has recommended sell rating on the stock with a target price of Rs 4020 in its research report dated February 07, 2017.

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Sell TTK Prestige; target of Rs 4020: Axis Direct

Axis Direct is bearish on TTK Prestige has recommended sell rating on the stock with a target price of Rs 4020 in its research report dated February 07, 2017.

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, Axis Securities Limited |


Axis Direct's research report on TTK Prestige

Q3FY17 sales at Rs 4.2 bn, down 2% YoY, was below our/consensus expectation, as demonetization hit demand across all product categories in November, which is the peak festive/wedding season. While October/Dec posted strong sales growth at 25%/17% YoY, November saw a steep decline. Gross margin contracted 120 bps YoY on high fixed costs, hardening of metal prices, and product-mix effect. Core EBITDA margin declined 190 bps to 11.3% (estimate: 12%). PAT at Rs 297 mn, down 20% YoY, below our estimate of Rs 329 mn.

Outlook

We trim FY17 sales growth to 4% (13% earlier) to factor Q3 performance; FY18 unchanged. We bring TTK’s target multiple in line with industry peers to 30x given TTK’s market-leading position and footprint; Maintain SELL with a revised TP of Rs 4,020 (30x FY18E).

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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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Sell TTK Prestige; target of Rs 4020: Axis Direct

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