172@29@17@136!~!172@29@0@53!~!|news|business|stocks|buy-mayur-uniquoters-target-of-rs-283-anand-rathi-5503111.html!~!|controller|infinite_scroll_article.php
Moneycontrol
Financial Freedom Offer: Subscribe to Moneycontrol Pro and grab benefits worth ₹15,000/-
Last Updated : Jul 03, 2020 02:25 PM IST | Source: Moneycontrol.com

Buy Mayur Uniquoters; target of Rs 283: Anand Rathi

Anand Rathi is bullish on Mayur Uniquoters has recommended buy rating on the stock with a target price of Rs 283 in its research report dated June 30, 2020.

Broker Research @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Anand Rathi 's research report on Mayur Uniquoters


Driven by auto OEM exports (up 76% y/y), Mayur’s Q4 was strong: revenue/PAT up 13%/34% y/y, the EBITDA margin a healthy 25.7%, aided by a superior sales mix. An uptick in auto sales since Dec’19 helped. After re-opening, Mayur has seen good traction in exports during May-Jun’20 while its domestic business is improving gradually. In FY21, we believe exports will do better than the domestic market and be a cushion to margins. At ~9x FY22e P/E, we find the valuation appealing.



Outlook


Thus, we maintain our Buy call, with a lower target of `283 (12x FY22e P/E), earlier `311. The stock has been considerably de-rated in the last 2-3 years, factoring in declining return ratios and delay in the PU plant/approval from Mercedes-BMW. Thus, a rapid ramp-up at the PU plant and strong exports may lead to a re-rating in the stock.





For all recommendations report, click here


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

First Published on Jul 3, 2020 02:25 pm
Sections