Anand Rathi is bullish on TTK Prestige has recommended buy rating on the stock with a target price of Rs 6300 in its research report dated August 11, 2020.
Anand Rathi 's research report on TTK Prestige
With its robust manufacturing capacity, diversified product range and all-India operations, TTK is favourably placed in Indian kitchen appliances, resulting in maintaining PEx of 35x as we roll over to FY23 earnings. As prospects are improving gradually after a tepid Q1 FY21, it is well set to bounce back once normalcy returns. Strong balance sheet with `3.9bn free cash, is a major comforting factor in challenging times.
We have not revised our FY21e and FY22e, post-Q1FY21 results. We upgrade the stock to a Buy, with a target of `6,300 (35x FY23e EPS of `180) as we roll over to our estimates to FY23, factoring in revenue/ PAT CAGRs of 13%/23% over FY21-23, resulting in the RoCE rising from 15% to 19%.
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