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Reports for search string : Valuations

Apex Frozen Foods: Strong Q3; assign Reduce on rich valuations
Apex Frozen Foods’ (AFFL) reported revenues of Rs 2,628mn (in line with our estimates) and an above-expected 3QFY18 PAT (+34% above EE) led by better margins and higher other income.
Equirus Securities, 20 Feb 2018
PNC Infratech Q3FY18: Operational performance hit by AD delays, revival to be slow; maintain Reduce
PNC Infratech’s (PNCL) 3QFY18 revenues were impacted by delays in receiving AD for projects owing to land acquisition issues. Our thesis of FY18E execution being hit due to slow-moving projects has pl...
Equirus Securities, 20 Feb 2018
Sadbhav Engineering Q3: Attractively valued at the brink of an industry level order explosion; maintain Long
Sadbhav Engineering reported moderate execution growth along with margin outperformance in 3QFY18, which led to an in-line PBT performance. Margin expansion was supported by higher-margin HAM projects...
Equirus Securities, 20 Feb 2018
Nestle Q4CY17:Increased Earnings Visibility Warrants a Rating Upgrade; Buy
Considering recovery in consumer demand, success of new products, benign input cost and reasonable valuations, we upgrade our recommendation on the stock to BUY from HOLD with a revised Target Price o...
Reliance Securities, 19 Feb 2018
TD Power Systems Q3FY18: Operating metrics weak, order inflow momentum to pick up ahead; maintain LONG
TD Power Systems (TDPS) delivered a weak operational performance for 3QFY18 on lower order book momentum. Management is confident of achieving strong order inflows in 4QFY18E/1QFY19E.
Equirus Securities, 15 Feb 2018
Mahindra & Mahindra Q3FY18: PAT grew by 22.2% YoY; Accumulate
We have assigned FY19E PER of 16x to its core earnings and have valued the listed subsidiaries at 25% discount to the market price. We maintain our ACCUMULATE recommendation on the stock with SOTP-bas...
Way2wealth, 15 Feb 2018
S Chand and Company Q3FY18: To benefit from the synergies of recent acquisitions; Accumulate
At the CMP of Rs 483/- the stock trades at 18.6x & 14.3x its estimated EPS of Rs25.9/- & Rs 33.7/- for FY18 & FY19 respectively. We advise investors with a long-term investment horizon to ACCUMULATE ...
Way2wealth, 14 Feb 2018
Aster DM IPO: Subscribe the issue for long term gains
At higher band the issue is offered at 19.6x FY18E calculated EV/EBITDA. We like the company’s strong brand equity and consistent track record. We recommend investors to subscribe th...
Nirmal Bang, 14 Feb 2018
Hexaware Technologies Q4CY17: Weak Performance; Valuations Prohibitive
Thus, rolling over our estimates to CY19E EPS, we downgrade our recommendation on the stock to REDUCE from HOLD with a revised Target Price of Rs313 (from Rs285 earlier).
Reliance Securities, 09 Feb 2018
Whirlpool: A good investment for long-term investors
At the CMP of Rs1400/- the stock trades at a ~52.7x & ~42.8 x it estimated EPS of Rs26.6 & Rs32.7/- for FY18 & FY19 respectively. We advise investors with a long-term investment horizon to ACCUMULATE ...
Way2wealth, 07 Feb 2018
Bajaj Auto Q3FY18: Estimates remain unchanged; ACCUMULATE
Overall volumes grew by 17.6% YoY (Motorcycles grew by 9.3% YoY & Commercial Vehicles grew by 78.2% YoY). EBITDA margins contracted on a YoY basis by 128bps to19.3%.
Way2wealth, 07 Feb 2018
Ramco Cements: Dismal Realisation & Higher Cost Drag Operating Performance; BUY
Ramco Cements (RCL) has reported a dismal operating performance in 3QFY18, owing to lower sales volume at 2.27mnT (vs. our estimate of 2.3mnT), steeper than- estimated decline in average realisation a...
Reliance Securities, 07 Feb 2018
Apar Industries Q3 Results: Inline operating performance drag by weak conductor; maintain LONG
Despite higher volumes in conductor and TSO segments, Apar Industries’ (APR) 3QFY18 EBITDA slid 9% yoy on increased RM costs and highly competitive pricing in the conductor segment.
Equirus Securities, 05 Feb 2018
Alembic Pharmaceuticals Q3FY18:US biz surprises; assign REDUCE
Alembic Pharma’s (ALPM) 3QFY18 sales/EBITDA/earnings grew 9%/29%/51% to Rs 8.4bn/ Rs 1.87bn/Rs 1.31bn, 8%/6%/9% ahead of EE led by higher sales in the US business and API segment.
Equirus Securities, 05 Feb 2018
TeamLease Services posts better than expected Q3FY18 results; retain ADD
TeamLease Services (TEAM) reported 3QFY18 earnings with revenues and margins ahead of EE. Commentary was encouraging too with acceleration anticipated in 4q led by transitioning of a large win.
Equirus Securities, 05 Feb 2018
Ashoka Buildcon Q3FY18 Results: Reports healthy EPC performance, robust traffic growth improves re-rating scope
Ashoka Buildcon (ASBL) reported a 26% yoy growth in its 3QFY18 revenues to Rs 6.59bn led by (1) a 26% growth in project execution and (2) higher toll revenues with increased activity post GST.
Equirus Securities, 05 Feb 2018
NTPC Q3FY18: Attractive Valuations; Buy for an upside of 28%
At CMP, the stock trades at P/B of 1.0x & P/E 10.1x based on FY20E, which is attractive in our view. We believe that capacity addition track record, assured RoE, robust balance-sheet and strong operat...
Reliance Securities, 05 Feb 2018
Kajaria Ceramics Q3FY18: Growth Momentum to Gather Pace; Buy
Kajaria Ceramics has reported a subdued performance in 3QFY18, despite a strong growth in volume. Reported net sales grew by 9% YoY to Rs6.6bn, while EBITDA remained largely flat at Rs1.1bn and net pr...
Reliance Securities, 05 Feb 2018
Auto Roundup Jan 18
January is seasonally a strong month for auto sales wherein customers who postpone their buying in December start buying again. But this year, December was exceptionally strong.
LKP Securities, 05 Feb 2018
Quess Corp: Acquires assets from Monster and HCL; Upside 27%
QUESS announced two acquisitions: (1) Monster’s India, South East Asia and Middle East business, and (2) ‘Care Business’ of HCL Services from HCL Infosystems.
Motilal Oswal, 02 Feb 2018
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