Buy Coromandel International; target of Rs 981: Motilal Oswal
Motilal Oswal is bullish on Coromandel International recommended buy rating on the stock with a target price of Rs 981 in its research report dated November 03, 2020.
November 06, 2020 / 12:29 PM IST
Motilal Oswal 's research report on Coromandel International
Coromandel International (CRIN) reported a robust EBITDA performance, led by expansion in the gross margin, higher crop protection revenue, and margin expansion in the Fertilizer and Crop Protection segments. CRIN reported better-than-expected numbers in 2Q; factoring in the same, we increase our earnings estimates by 16%/13% for FY21/FY22E. Maintain Buy.
We expect a revenue/EBITDA/PAT CAGR of 10%/16%/22% over FY20-22E. We value CRIN at 18x FY22E EPS to arrive at TP of INR981. Maintain Buy.
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