Buy Titan; target of Rs 1428: Dolat Capital Market
Dolat Capital Market is bullish on Titan has recommended buy rating on the stock with a target price of Rs 1428 in its research report dated October 29, 2020.
November 03, 2020 / 01:39 PM IST
Dolat Capital Market's research report on Titan
Titan’s Q2FY21 revenue and APAT was in line, but EBITDA was lower than our estimates. Significant jump in gold prices impacted sales in July, however, August and September witnessed gradual recovery, helping the jewellery segment to recover 89% of its sales. Other expenses remained high due to increase in ineffective hedges. Going ahead, ineffective hedges are likely to reduce substantially with normalization of demand scenario.
We have maintained our FY21E at Rs 12.3 and revised FY22E EPS estimates at Rs 25.2. We have introduced FY23E EPS at Rs 29.8. We maintain Buy, with TP of Rs 1,428 (48x FY23E).
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