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Buy PCBL; target of Rs 320: ICICI Direct

ICICI Direct is bullish on PCBL recommended buy rating on the stock with a target price of Rs 320 in its research report dated January 24, 2022.

January 31, 2022 / 12:28 PM IST
 
 
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ICICI Direct's research report on PCBL


PCBL Ltd (name changed from Phillips Carbon Black) is the leading manufacturer of carbon black, which is used as a reinforcing material in tyres. • PCBL also derives ~8% of sales volume from speciality carbon black, which fetches high margins and finds application in paints, plastics among others • It has a healthy margin profile (15%+), a capital efficient business model (RoCE>15%) with limited leverage on b/s (~0.3x debt: equity as of FY21).


Outlook


We maintain our positive view and retain BUY rating on the stock. Introducing FY24E, we roll over our valuations and now value PCBL at unchanged target price Rs 320 i.e. 12x P/E on FY23E-24E avg. EPS.

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At 17:30 PCBL was quoting at Rs 232.15, down Rs 1.30, or 0.56 percent.

It has touched an intraday high of Rs 237.65 and an intraday low of Rs 231.10.

It was trading with volumes of 68,262 shares, compared to its thirty day average of 111,035 shares, a decrease of -38.52 percent.

In the previous trading session, the share closed down 0.36 percent or Rs 0.85 at Rs 233.45.

The share touched its 52-week high Rs 278.65 and 52-week low Rs 176.00 on 02 August, 2021 and 19 March, 2021, respectively.

Currently, it is trading 16.42 percent below its 52-week high and 32.33 percent above its 52-week low.

Market capitalisation stands at Rs 4,381.40 crore.

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first published: Jan 31, 2022 12:28 pm
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