Buy Mayur Uniquoters; target of Rs 580: ICICI Direct

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

ICICI Direct's research report on Mayur Uniquoters

Mayur Uniquoters (MUL) is a leading player in the technical textile domain, manufacturing synthetic leather for automotive, footwear & apparels etc. As of FY22, it clocked ₹657 crore as consolidated sales with EBITDA & EBITDA margins placed at ₹126 crore, 19.1% and PAT at ₹94.4 crore • It has debt free cash rich B/S with surplus cash of ~₹ 150 crore (FY22). In FY23, executed buyback @₹650/share for 6.25 lakh shares; ~₹40 crore.

Outlook

We retain BUY rating on the stock amidst proven capabilities in high end Auto OEM export market (with key clients being Mercedes Benz, BMW, among others) coupled with upbeat management commentary on growth as well as margin improvement over FY24E, FY25E. Introducing FY25E and rolling over our valuations, we now value MUL at Rs 580 i.e., 18x P/E (~1x PEG) on FY24E-25E avg. EPS of ₹32.1/share.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Mayur Uniquoters - 17 -03 - 2023 - icici