Motilal Oswal 's research report on Essel Propack
Revenue across EAP and AMESA region was impacted during 4QFY20 due to the lockdown in China and India (Mar'20). However, this was offset by robust growth in Europe and Americas region. Thus, overall consolidated revenue declined 1% YoY. We have cut our estimates for FY21/FY22E by 14%/5%, factoring in the slowdown in business across multiple geographies to arrive at a TP of INR200. Maintain Buy.
Outlook
We value the stock at 20x FY22E EPS of INR10, arriving at a target price of INR200. Maintain Buy.
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