Moneycontrol
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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Sep 28, 2017 04:22 PM IST | Source: Moneycontrol.com

Buy V-Guard; target of Rs 214: HDFC Securities

HDFC Securities is bullish on V-Guard has recommended buy rating on the stock with a target price of Rs 214 in its research report dated September 27, 2017.

 
 
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HDFC Securities' research report on V-Guard


We arranged a road-show with the management of V-Guard. Our confidence in the company’s long-term business trajectory was further strengthened, despite the short-term hiccups caused by GST. The company is confident of achieving 15% revenue growth in FY18, despite revenue being flat in 1QFY18. Healthy underlying growth with restocking should register high double-digit figures in the coming quarters. Management is also confident of maintaining 10% EBITDA margin in FY18 (1QFY18 margin was at 5.8%, -574bps YoY).


Outlook
We expect V-Guard to deliver 15% revenue CAGR over FY17-20. Healthy revenue growth, higher fixed cost absorption in the Non-South regions, and better margins in new product launches should help expand the EBITDA margin by 200bps over FY17-20. We foresee EPS CAGR of 27% over FY17-20E. We value V-Guard based on a P/E of 32x Sep-19EPS, and arrive at a TP of Rs 214. We maintain BUY.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Sep 28, 2017 04:22 pm
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