Sharekhan recommended Hold rating on V-Guard Industries with a target price of Rs 255 in its research report dated May 30, 2019.
Sharekhan's research report on V-Guard Industries
V-Guard’s net earnings adjusted for higher ad spend in Q4FY2018 saw a decline owing to seasonal factors affecting non-south revenue and weak operating margins. V-Guard will be spending Rs. 130-140 crore over next two years on increasing in-house manufacturing of products. It is also seeking inorganic growth opportunities.
We maintain our Hold rating on V-guard Industries with a revised PT of Rs. 255 as we believe it is fairly valued factoring 15% CAGR growth in revenues and improvement in OPM during FY2019-FY2021E.
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