Buy Time Technoplast; target of Rs 100: ICICI Direct

ICICI Direct's research report on Time Technoplast

Time Technoplast is a leading manufacturer of polymer based packaging & composite products with 34 production facilities in 11 countries. Established products (industrial packaging, PE pipe, battery others) contribute ~80% to the topline while value added product category (IBC, composite cylinders, mox films) contributes 20% of revenue Focus is to increase revenue sharing from value added product category in the next five years from 20% to 22%

Outlook

We maintain our BUY rating on the stock We roll over our valuation on FY23E and value Time Technoplast at Rs 100 i.e. 5x EV/EBITDA on FY23E EBITDA.