Skipper Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for SKIPPER, BSE:538562 Skipper Ltd.

Skipper Ltd.

08 Feb 2018

467.75

-1.51%

Skipper (3QFY18): Strong execution in Engineering Products. Maintain NEUTRAL

Neutral: Skipper Ltd.

Target

HDFC Securities

Maintain a NEUTRAL with TP of Rs 267/share. Skippers sales grew 33/10% YoY/QoQ to Rs 5.7bn vs our expectation of 25% YoY growth, aided by a 38% YoY rise in Engineering Products revenues to Rs 4.86bn. The 33% sales growth came on the back of 23/10% volumes/pricing growth. A 203 bps rise in raw material cost impacted gross margins, which fell to 31.1%. With a 99/40bps fall in other expenses (at 13.9% of sales)/staff costs (at 4.2% of sales), EBITDAM fell 64bps to 13.1% (in line with our estimates). Net profit rose 31% YoY to Rs 292mn, a

Skipper Ltd. is trading below all available SMAs

Skipper Ltd.

08 Feb 2018

467.75

-1.51%

Skipper - 3QFY18 Result Update

Buy: Skipper Ltd.

Target

Reliance Securities

Skipper continued to deliver a strong performance in 3QFY18 with its net revenue growing by 39.6% YoY to Rs4.32bn, led by strong volume execution in Engineering Products business and rising commodity prices. Aided by better execution, its EBITDA and PAT grew by 27% YoY and 31.5% YoY to Rs740mn and Rs292mn, respectively. We continue to believe that a sizeable order book, huge imminent opportunity and diversification into PVC business firmly place Skipper on a higher growth trajectory. Rolling over our estimates to FY20E, we maintain our BUY recommendation on the stock with a revised Target Price of Rs340 (from Rs289 earlier). Healthy Revenue Growth on Strong Engineering Volume...

Skipper Ltd. has an average target of 574.50 from 2 brokers.

Skipper Ltd.

07 Feb 2018

467.75

-1.51%

Skipper's operational performance exceeded our expectations. Revenues increased by 33% y...

Buy: Skipper Ltd.

Target

Emkay

Skipper's operational performance exceeded our expectations. Revenues increased by 33% yoy aided by strong volume growth and rising commodity prices. Though the EBITDAM declined by 64bps yoy to 13.1%, PAT increased by 31% yoy. While engineering products (EP) reported robust growth at 29% yoy, the polymer segment lagged behind with muted growth of 6% yoy largely impacted by GST related disruptions....

Skipper Ltd. has an average target of 574.50 from 2 brokers.

Skipper Ltd.

14 Dec 2017

467.75

-1.51%

We hosted the management of Skipper Ltd for investor meetings in the UK. Management has...

Buy: Skipper Ltd.

Emkay

We hosted the management of Skipper Ltd for investor meetings in the UK. Management has given an upbeat outlook for both segments - Engineering and Polymer. While the Engineering segment is expected to double its revenue in the next 5 years, the Polymer segment is likely to grow at a CAGR of ~50-55% over the next 3 years. Despite having the largest capacity in Transmission Towers, Skipper's capacity utilization has exceeded 85-90% over the last several years on account of it being the lowest cost producer - benefiting from high economies of scale, fully integrated operations and close proximity to raw material sources....

Skipper Ltd. is trading below all available SMAs

Skipper Ltd.

27 Nov 2017

467.75

-1.51%

Skipper's operational performance was in line with our expectations. Revenues increased b...

Buy: Skipper Ltd.

Emkay

Skipper's operational performance was in line with our expectations. Revenues increased by 29% yoy. Adjusted for the restated 2QFY17 financials, EBITDAM declined by 23bps yoy while the APAT increased by 3% yoy. While engineering products reported strong growth of 34%yoy, the polymer segment declined by 2% yoy impacted by GST related disruptions. Management commentary...

Skipper Ltd. has an average target of 574.50 from 2 brokers.

Skipper Ltd.

24 Nov 2017

467.75

-1.51%

Skipper (2QFY18): Healthy execution, rise in inventory. Downgrade to NEUTRAL

Neutral: Skipper Ltd.

Recommendation Target

HDFC Securities

With working capital expansion owing to rising inventory and the recent run up in the stock price, we downgrade Skipper to NEUTRAL with TP of Rs 253/share. Skippers sales grew 32/29% YoY/QoQ to Rs 5.2bn vs our expectation of 12% YoY growth, aided by a 28% YoY rise in Engineering revenues to Rs 4.6bn. A 250 bps rise in raw material cost impacted gross margins, which fell to 32.9% vs 35.4% YoY. Further, a 323bps rise in other expenses (at 14.8% of sales) led to EBITDAM fall of 573bps to 13.2% (in line with our estimates). Net profit fell 30% YoY to Rs 232mn, a result of higher depreciation (up 68% YoY to Rs 121mn), interest cost (up 21% YoY to Rs 200mn) and tax rate (at 36.4% vs 34%).

Skipper Ltd. has an average target of 574.50 from 2 brokers.

Skipper Ltd.

24 Nov 2017

467.75

-1.51%

Skipper - 2QFY18 Result Update

Buy: Skipper Ltd.

Target

Reliance Securities

Skipper continued to deliver a strong performance in 2QFY18. Its net revenue grew by 31.9% YoY to Rs5.1bn led by strong volume execution in Engineering Products business. However, GST-led disruption restricted revenue growth in PVC business. Though reported EBITDA dipped by 7.1% YoY to Rs516mn, adjusted EBITDA grew by 19.9% YoY. Owing to lower margin, higher depreciation and tax rate, its reported PAT declined by 30.2% YoY to Rs232mn, while adjusted PAT rose by 3.9% YoY. We continue to believe that a sizeable order book, huge imminent opportunity and diversification into PVC business continue to place Skipper firmly on a higher growth trajectory. Revising our target multiple to 17x (from 15x earlier) on the back of strong...

Skipper Ltd. has an average target of 574.50 from 2 brokers.

Skipper Ltd.

24 Nov 2017

467.75

-1.51%

Skipper

Hold: Skipper Ltd.

Sharekhan

Rs519crore in Q2FY18 due to healthy execution in the engineering segment. Its engineering segment grew by 28% YoY driven by both volume and healthy realisation due to rising commodity prices. However, the infrastructure segment and PVC segment showed poor performance during Q2FY2018. Continued concerns related to GST led to a decline in polymer business by 7% YoY...

Skipper Ltd. has an average target of 574.50 from 2 brokers.

Skipper Ltd.

12 Sep 2017

467.75

-1.51%

Skipper Ltd.

Buy: Skipper Ltd.

CD Equisearch

Indian power T&D; industry stands to benefit from India's humongous power transmission infrastructure laying plan (Rs 2.6 tn) in the 13th Plan to strengthen its inter-regional grid capacity (Rs 1 tn), intra-regional grid capacity (Rs 1.3 tn) and sub 220 kV distribution systems (Rs 300bn). Shift towards renewable energy - 175GW capacity planned by 2022- would doubtlessly shorten the order execution cycle of EPC players due to relatively shorter erection time for renewable energy generation & transmission infrastructure. New technologies such as higher voltage...

Skipper Ltd. is trading below all available SMAs

Skipper Ltd.

07 Sep 2017

467.75

-1.51%

Skipper (1QFY18): On track. Maintain BUY

Buy: Skipper Ltd.

Target

HDFC Securities

Reiterate BUY with TP of Rs 245/share (15/15/25x Jun-19E EPS for Engineering / Infrastructure / Polymer business). Skippers 1QFY18 results came in ahead of our estimates on back of dispatches of undelivered inventory in the Engineering segment, held at the beginning of the quarter. Revenue grew 40% YoY led by growth in the Engineering segment (+42% YoY). Polymer segment registered a mere 3% growth on the back of GST transition. EBITDA margins stood at 12.9% (-90bps YoY). APAT grew 52% YoY to Rs 160mn. Order inflow stood at Rs 3.6bn, resulting in an order backlog of Rs 26.4bn (+10% YoY), providing comfort to our revenue estimates for FY18/19E.

Skipper Ltd. is trading below all available SMAs

Is Skipper Ltd. worth buying?

203 Votes:

Buy 88.18%

Sell 6.4%

Hold 5.42%

RESEARCH REPORTS

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