Dolat Capital is bullish on Havells India has recommended buy rating on the stock with a target price of Rs 830 in its research report dated May 29, 2019.
Dolat Capital's research report on Havells India
The Q4FY19 results were lower than our estimates, as lower volume across segments resulted in lower EBIDTA and PAT. Lloyds’s volumes were flat in FY19. The investments of the last couple of years, related to manufacturing, brand, and people, should start yielding results from FY20 onwards. We like Havells for its superior brand and distribution franchise, and continue to maintain Buy.
We value Havells at PER of 40x FY21E, which gives a target price to ` 830. Maintain Buy.
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