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Buy Titan Company; target of Rs 1130: Motilal Oswal

Motilal Oswal is bullish on Titan Company has recommended buy rating on the stock with a target price of Rs 1130 in its research report dated 03 Aug 2018.

September 18, 2018 / 04:47 PM IST
 
 
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Motilal Oswal's research report on Titan Company

EBITDA grew 32.3% YoY to INR4.8b (est. of INR4.3b) and recurring PAT increased 31.9% YoY to INR3.3b (est. of INR3.0b). Consol. segmental performance: (a) Reported Jewelry sales rose 6.3% YoY to INR36.4b, with segment margin up 110bp YoY to 10.5%. (b) Watches sales grew 15% YoY to INR6b, with a sharp EBIT margin improvement of 900bp to 16.7%.

Outlook

High valuations are fully deserved for a business that has perhaps the best top-line growth potential in the large cap FMCG/retail space and also has improving outlook on margins. Maintain Buy with an unchanged target price of INR1,130 based on 52x Jun'20E EPS (25% premium to three-year average P/E).

For all recommendations report, click here

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first published: Aug 7, 2018 06:00 pm

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