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Last Updated : Feb 14, 2019 03:51 PM IST | Source: Moneycontrol.com

Buy V-Guard; target of Rs 238: HDFC Securities

HDFC Securities is bullish on V-Guard has recommended buy rating on the stock with a target price of Rs 238 in its research report dated February 02, 2019.

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HDFC Securities' research report on V-Guard


V-Guard reported a mixed bag with in-line revenue growth and miss on EBITDAM. In the backdrop of volatile commodity prices, the co. was unable to pass on input costs given the weakness in Kerala (~25% revenue mix). South market clocked 9% revenue growth (a 7 quarter high) despite weakness in Kerala (impacted by floods). Non-South market (37% revenue mix) continued to outperform with 18% revenue growth. EBITDA/APAT grew by -9/-6% (exp. 6/10%).


Outlook


We value V-Guard at 35x P/E on Dec- 20EPS, with TP of Rs 238 (Rs 249 earlier). 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 Feb 14, 2019 03:51 pm
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