Dolat Capital is bullish on Relaxo Footwear has recommended buy rating on the stock with a target price of Rs 967 in its research report dated May 14, 2019.
Dolat Capital's research report on Relaxo Footwear
Relaxo’s Q4FY19 results came in line with our estimates. For the eighth consecutive quarter, the company was able to report double digit volume growth. We have marginally tweaked our FY20E and FY21E earnings estimate at ` 20.3 and `24.2 respectively to factor in Q4 results.
We continue to believe that the company would maintain its double digit revenue growth over our investment horizon. Valuing Relaxo at 40x FY21E to arrive at a TP of ` 967. Maintain Buy.
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