Motilal Oswal is bullish on Coromandel International recommended buy rating on the stock with a target price of Rs 908 in its research report dated July 27, 2020.
Motilal Oswal 's research report on Coromandel International
Coromandel International (CRIN) reported robust performance, led by higher manufacturing volumes (+61% YoY), higher crop protection revenue (off a lower base), and operating leverage. PAT more than quadrupled on higher EBITDA (2.1x YoY), lower tax rate, and lower interest cost. CRIN reported numbers in line with our estimates; thus, we maintain our earnings estimates for FY21/FY22E. Maintain Buy.
We expect revenue/EBITDA/PAT CAGR of 10%/14%/18% over FY20–22E. We value CRIN at 18x FY22E EPS to arrive at TP of INR908. Maintain Buy.
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