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Buy Crompton Greaves Consumer Electricals; target of Rs 290: HDFC Securities

HDFC Securities is bullish on Crompton Greaves Consumer Electricals has recommended buy rating on the stock with a target price of Rs 290 in its research report dated July 26, 2018.

September 18, 2018 / 02:12 PM IST
 
 
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HDFC Securities's research report on Crompton Greaves Consumer Electricals


Crompton’s  ECD  biz  (~77% of  revenues)  bounced back with 23% growth on account  of  stabilizing  distribution  channel  and favorable base (-9% in 1QFY18). Lighting (ex-EESL) was up by 15% (10% in 1QFY18). Crompton continued to gain market share in fans (~27% now vs. 23% in FY16).  Crompton’s  premium  (20%  mix) and mass-premium fans (60% mix) are growing faster  than the industry driven by innovations like Anti-dust and Air 360.


Outlook


We model  23% EPS CAGR over FY18-21E. At 35x Jun-20 EPS, our TP is at Rs 290. We reiterate BUY.


For all recommendations report, click here


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