ICICI Direct's research report on Mayur Uniquoters
Mayur Uniquoters (MUL) is a leading player in the technical textile domain, manufacturing synthetic leather for automotive, footwear & apparels etc. As of FY22, it clocked ₹657 crore as consolidated sales with EBITDA & EBITDA margins placed at ₹126 crore, 19.1% and PAT at ₹94.4 crore • It has debt free cash rich B/S with surplus cash of ~₹ 150 crore (FY22). In FY23, executed buyback @₹650/share for 6.25 lakh shares; ~₹40 crore.
Outlook
We retain BUY rating on the stock amidst proven capabilities in high end Auto OEM export market (with key clients being Mercedes Benz, BMW, among others) coupled with upbeat management commentary on growth as well as margin improvement over FY24E, FY25E. Introducing FY25E and rolling over our valuations, we now value MUL at Rs 580 i.e., 18x P/E (~1x PEG) on FY24E-25E avg. EPS of ₹32.1/share.
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