HDFC Securities' research report on Skipper
Skipper’s 4QFY17 results (adjusted for forex gains) were in line with our estimates. Revenue grew 7% YoY, led by 25% growth in the PVC business. As per the mgmt, PVC sales normalised starting Feb-17 (post demonet impact).
Outlook
With ROEs consistently over 20%, valuations (13.2x FY19E EPS) look attractive, both on a relative and absolute basis. Reiterate BUY with a TP of Rs 223/share (15x FY19E EPS), implying a 13% upside from current levels.
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