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Buy V-Guard; target of Rs 246: HDFC Securities

HDFC Securities is bullish on V-Guard has recommended buy rating on the stock with a target price of Rs 246 in its research report dated 01 Aug 2018.

September 18, 2018 / 04:46 PM IST
 
 
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HDFC Securities' research report on V-Guard

V-Guard’s revenues grew by healthy 19% (exp. 16%) despite an erratic summer impacting  its  summer  portfolio.  Non-South market (44% mix) continued to blossom  with  30%  growth,  while  South  grew by 12%.  EBITDA/PAT grew by 42/48% (exp. 41/45%). V-Guards  new product launches, rebranding exercise, distribution expansion (non-South)  and  favourable  base have resulted in consistent double digit growth  in  the recent quarters.

Outlook

We  foresee  EPS  CAGR of 30% over FY18-21E. We value V-Guard at 35x P/E on Jun-20EPS, with TP of Rs 246 (Rs 240 earlier). We maintain BUY.

For all recommendations report, click here

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first published: Aug 7, 2018 06:17 pm

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