Moneycontrol
Last Updated : Apr 05, 2018 05:40 PM IST | Source: Moneycontrol.com

Buy Carborundum Universal; target of Rs 402: Axis Direct

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.

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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.

Outlook

With 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.

For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Feb 22, 2018 03:52 pm
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