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Last Updated : Sep 18, 2018 02:14 PM IST | Source: Moneycontrol.com

Buy Navin Fluorine International; target of Rs 915: HDFC Securities

HDFC Securities is bullish on Navin Fluorine International has recommended buy rating on the stock with a target price of Rs 915 in its research report dated July 26, 2018.

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HDFC Securities's research report on Navin Fluorine International


Sales/EBITDA/RPAT came in at Rs 2.43bn/Rs 631mn/Rs 396mn. Adjusting for the one-off  gain  and  M2M  loss in the other income, PAT came in at Rs 400 mn (7.4% below our estimates) NFIL  witnessed  good  traction  within the specialty chemicals segment (up 51.9%  YoY  to  Rs  820mn)  on  the back of recovery in the domestic pharma business. The Refrigerant gases segment grew by 6.9% YoY to Rs 770mn, while Inorganic  fluorides  segment grew by  75.0% YoY to Rs 490mn. CRAMS segment declined  by  30%  YoY  to  Rs  350mn (adjusting Rs 220mn for Dahej unit in 1Q’18).  We  do  not read much into quarterly performance for CRAMS segment due  to its lumpy nature and continue to remain positive of a pickup in the ensuing quarters.


Outlook


We  value NFIL at 22x June’20 EPS. We maintain our Buy rating with a target price of Rs 915.


For all recommendations report, click here


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First Published on Aug 1, 2018 04:39 pm
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