Buy Bajaj Corp; target of Rs 478: Dolat Capital
Dolat Capital is bullish on Bajaj Corp has recommended buy rating on the stock with a target price of Rs 478 in its research report dated October 17, 2016.
October 19, 2016 / 18:14 IST
Dolat Capital's research report on Bajaj Corp
Marginal Topline growth of 3.5% primarily on account of mix change as volume growth remains flat. Gross Margin expansion of 475bps (benign RM cost) was offset by higher ad spends & employee cost leading to flat EBITDA margins. Management expects revival in LHO category to mid-single digit growth in next few quarters. We upgrade our estimates by 1-2% for FY17E & FY18E. Maintain Accumulate with a target price of Rs 478.
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