Firstcall Research’ report on Nilkamal
“Nilkamal Ltd is the world's largest manufacturer of moulded furniture and India's leading manufacturer of Material Handling Systems, company features among the Rs 1000 crore listed companies. Company is also a pioneer in the home retailing segment making a foray in this field with the home chain of complete home solution stores dotting in the Indian map. Company spread across the country with 16 large format retail stores with an average of 25,000 sq.ft. Per store and 30 more stores slated till 2013. Company, positioned as a Home Maker store, is a perfect one-stop solution store for home planning, with finest quality furniture, soft furnishing, home accessories and a plethora of a whole lot of Services to enhance your indoor and outdoor spaces. The design of a company is contemporary yet practical, mirroring Indian taste & finesse.”
“The company’s revenue for the quarter rose by 11.63% to Rs. 4226.42 million from Rs. 3786.14 million, when compared with the prior year period. Net profit increased by 19.09% to Rs. 84.64 million from Rs. 71.07 million in Q3 FY14. EBDITA has increased by 6.09% YOY from Rs. 339.43 million to Rs. 319.95 million in current December quarter. Reported earnings per share of the company stood at Rs. 5.67 a share during the quarter as against Rs. 4.76 over previous year period.”
“At the current market price of Rs.393.60, the stock P/E ratio is at 16.09 x FY15E and 14.57 x FY16E respectively. Earning per share (EPS) of the company for the earnings for FY15E and FY16E is seen at Rs. 24.46 and Rs. 27.02 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 7% and 9% over 2013 to 2016E respectively. On the basis of EV/EBITDA, the stock trades at 6.06 x for FY15E and 5.70 x for FY16E. Price to Book Value of the stock is expected to be at 1.18 x and 1.09 x respectively for FY15E and FY16E. We recommend ‘BUY’ in this particular scrip with a target price of Rs.435.00 for Medium to Long term investment”, says Firstcall Research report.
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