Hold Voltas; target of Rs 1005: ICICI Direct

ICICI Direct's research report on Voltas

Voltas is a home appliances company specialising in air conditioning and air cooling technology in the B2B and B2C space. The company is a market leader with ~23% market share in RAC • Healthy b/s reflected by strong return ratios (RoE: ~11%, RoCE: ~15%).

Outlook

We maintain our HOLD rating on stock. We value Voltas at Rs 1005 using SOTP i.e. 7x P/E for EMPS, 9x P/E for EPS and 50x P/E for UCP on FY24E EPS for each.

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Voltas - 04-11-2022 - icici