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Last Updated : Jun 25, 2015 06:02 PM IST | Source: Moneycontrol.com

Buy PC Jeweller; target of Rs 425: Firstcall Research

Brokerage house Firstcall Research is bullish on PC Jeweller and has recommended buy rating on the stock with a target price of Rs 425 in its research report dated June 22, 2015.

 
 
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Firstcall Research's report on PC Jeweller


The company has achieved a turnover of Rs. 20201.90 million for the 4th quarter of the financial year 2015 as against Rs. 15361.43 million in the corresponding quarter of the previous year. EBITDA of Rs. 2367.35 million in Q4 FY15 and increase of 39.44% against the corresponding period of last year. In Q4 FY15, net profit of Rs. 1201.30 million compared to Rs. 835.73 million in Q4 FY14. The company has reported an EPS of Rs. 6.71 for the 4th quarter as against an EPS of Rs. 4.67 in the corresponding quarter of the previous year.


OUTLOOK AND CONCLUSION

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At the current market price of Rs. 380.00 the stock P/E ratio is at 15.72 x FY16E and 14.09 x FY17E respectively.


Earning per share (EPS) of the company for the earnings for FY16E and FY17E is seen at Rs.24.18 and Rs.26.97 respectively.


Net Sales and PAT of the company are expected to grow at a CAGR of 19% and 14% over 2014 to 2017E respectively.


On the basis of EV/EBITDA, the stock trades at 7.78 x for FY16E and 6.80 x for FY17E.


Price to Book Value of the stock is expected to be at 2.93 x and 2.52 x respectively for FY16E and FY17E.


"We recommend ‘BUY’ in this particular scrip with a target price of Rs 425 for Medium to Long term investment", says Firstcall Research Report.


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First Published on Jun 25, 2015 06:02 pm
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