ICICI Direct recommended hold rating on Transport Corporation with a target price of Rs 250 in its research report dated May 19, 2017.
ICICI Direct's research report on Transport Corporation
Offering multi-modal solution to the clients, TCI remains one of the largest integrated players in the organised logistics industry. It provides logistics solutions combining surface, rail and sea thereby commanding cost efficient solutions to its clientele. The infrastructure armoury includes a branch network of 1400 company owned offices, 10000 (owned + contracted) trucks and eight fulfilment centres.
We factor 15% revenue CAGR growth in FY17-19E and remain conservative assigning P/E multiple of 10x each to freight, shipping and 20x to supply chain. The recent run-up in stock price has led valuation to run ahead of its fundamentals. We have a HOLD rating.
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