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Buy IFGL Refractories; target of Rs 320: Centrum

Centrum is bullish on IFGL Refractories has recommended buy rating on the stock with a target price of Rs 320 in its research report dated June 18, 2018.

September 18, 2018 / 03:44 PM IST
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Centrum's research report on IFGL Refractories

We recently had a detailed interaction with senior management of IFGL refractories and key takeaways were i) Revenue growth at an inflection point with consolidated topline growth expected at 15%+ for FY19E led by pricing growth of 5-7% and volume growth of 8-10%), ii) well invested asset base with completion of recent expansions at domestic as well as overseas operations placing IFGL favourably to meet increased demand and gain market share globally and iii) operating leverage benefits improving the margin profile. Management also stressed upon their efforts towards scouting for a good acquisition target in refractories space globally.

We continue to like IFGL’s operationally sound high-quality global assets and expect solid earnings growth over FY18-20E which could end up being conservative given the strong management guidance.  Recent correction has made valuations undemanding and provides a favorable risk-reward for long term investors. Maintain Buy with a TP of Rs320.

For all recommendations report, click here

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

Broker Research
first published: Jun 21, 2018 03:39 pm

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