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Phillips Carbon Black Q2FY18: Buy for an upside of 21% in 12 months

SKP Research | 26 Oct, 2017  | Follow Author | Add to my Favourites 
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India’s largest manufacturer of carbon black (46% market share by capacity) and seventh largest in the world.

You may recollect that we initiated coverage of PCBL on 14-Mar-2017 recommending a BUY at prevailing CMP of Rs. 281, subsequently upgrading it twice.

PCBL is well positioned to capitalize on the positive structural changes witnessed by the industry coupled with robust auto sector demand, continuation of antidumping duty on Chinese imports, stable international crude prices and improvement in operational efficiencies. We have valued the stock on the basis of P/E ‐ method of relative valuation. Given the above factors, we have increased the discounting to 15x (earlier 12x) and recommend a BUY on the stock with a target price of Rs 1107/- (21% upside) in 12 months.

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1,070.05 -12.90
1,069.85 -10.95
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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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