Axis Direct is bullish on Carborundum Universal has recommended buy rating on the stock with a target price of Rs 402 in its research report dated February 22, 2018.
Axis Direct's research report on Carborundum Universal
Carborundum’s (CUMI) operational performance in Q3FY18 was broadbased. In an inflationary situation, CUMI did well to improve margin (up 120 bps at ~17%) as it was able to get price hikes. Management expects the trend to continue over the next few quarters.
OutlookWith strong demand and capacities in place, management expects revenue of ~Rs 32 bn (Rs 21 bn in FY17) over next 2 years. Upgrade to BUY with revised TP of Rs 402 (23x FY20E EPS) as we roll forward to FY20.
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