ICICI Direct has recommended Buy rating on Grindwell Norton with a target price of Rs 500 in its research report dated July 27, 2017.
ICICI Direct's research report on Grindwell Norton
Grindwell Norton’s (GNL) reported Q1FY18 results, which were below our estimates. This was mostly on account of weak growth of 2.6% YoY in the abrasives segment (our estimate 10% YoY). The abrasives segment contributed 64% of top line, while the Ceramics & Plastics segment contributed 28% to the topline.
OutlookAccordingly, we value GNL at 35 x FY19E earnings to arrive at a target price of Rs 500 and continue to retain BUY recommendation on the stock.
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