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Last Updated : Sep 07, 2017 03:33 PM IST | Source: Moneycontrol.com

Buy Phillips Carbon Black; target of Rs 1030: ICICI Direct

ICICI Direct has recommended buy rating on Phillips Carbon Black with a target price of Rs 1030 in its research report dated 05 September 2017.

 
 
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ICICI Direct's research report on Phillips Carbon Black


Phillips Carbon Black (PCBL) is the largest manufacturer of carbon black (CB) domestically with market share in excess of 30%. C B is used as a reinforcement material in manufacturing tyres thereby catapulting PCBL as a proxy to play on domestic automobile sector PCBL is witnessing robust demand of its product profile and is  running at peak capacity u tilisation levels (in excess of 90%) It has successfully turned around its operations through operational efficiencies (high u tilis ation levels), controlled raw material costs and savings accrued through captive power plants.

Outlook

We retain our BUY rating on the stock. We now value PCBL at Rs103 0 i.e. 1 5 .0 x P/E on FY 19E of Rs68.8.

For all recommendations report, click here


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First Published on Sep 7, 2017 03:33 pm
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