Hold Symphony: target of Rs 1050: ICICI Direct

ICICI Direct's research report on Symphony

Symphony is the world’s largest manufacturer of air coolers with a presence in over 60 countries and provides air cooling products in the residential, industrial and commercial segments.Symphony is the market leader in the air-cooling business with a strong distribution network of ~30,000+ dealers, ~1000+ distributors and ~1000+ authorised service centres across the country  Asset light business model with strong RoE and RoCE of ~20% and ~21%, respectively (average in the past three years)

Outlook

We maintain our HOLD rating on the stock  We value Symphony at Rs 1050 (33x P/E on FY23E EPS).