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Last Updated : Jul 06, 2015 02:51 PM IST | Source: Moneycontrol.com

Buy Vinyl Chemicals; target of Rs 83: Firstcall Research

Brokerage house Firstcall Research is bullish on Vinyl Chemicals (India) and has recommended buy rating on the stock with a target price of Rs 83 in its research report dated July 02, 2015.

 
 
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Firstcall Research's report on Vinyl Chemicals (India)


The company’s net profit stood to Rs. 34.10 million against Rs. 30.50 million in the corresponding quarter ending of previous year. Revenue for the quarter rose by 12.84% to Rs. 956.80 million from Rs. 847.90 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs. 1.86 a share during the quarter, an increase of 11.80% over previous year period. Profit before interest, depreciation and tax is Rs. 44.60 million as against Rs. 47.60 million in the corresponding period of the previous year.


OUTLOOK AND CONCLUSION

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At the current market price of Rs.72.30, the stock P/E ratio is at 9.55 x FY16E and 8.34 x FY17E respectively.


Earning per share (EPS) of the company for the earnings for FY16E and FY17E is seen at Rs.7.57 and Rs.8.67 respectively.


Net Sales and PAT of the company are expected to grow at a CAGR of 23% and 28% over 2014 to 2017E respectively.


On the basis of EV/EBITDA, the stock trades at 5.63 x for FY16E and 4.82 x for FY17E.


Price to Book Value of the stock is expected to be at 2.97 x and 2.50 x for FY16E and FY17E respectively.


"We recommend ‘BUY’ in this particular scrip with a target price of Rs 83 for Medium to Long term investment", says Firstcall Research Report.


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First Published on Jul 6, 2015 02:51 pm
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