ICICI Direct recommended hold rating on Havells India with a target price of Rs 404 in its research report dated February 20, 2017.
ICICI Direct's research report on Havells India
Havells India will acquire the consumer durable (CD) business of Lloyd Electric & Engineering (LEEL) with the enterprise value of Rs 1600 crore including proprietary rights to the trade market “Lloyd” on a debt free, cash free basis.
At the CMP, the stock is richly valued at 41x and 31x FY18E and FY19E EPS, respectively, and is discounting most of the positives. We maintain our HOLD recommendation and target price at Rs 404 based on 30x FY19E EPS of Rs 13.6.
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First Published on Feb 21, 2017 03:29 pm