View 16 reports from 5 analysts offering long term price targets
for Astral Ltd..
Astral Ltd. has an average target of 2220.40. The consensus estimate
represents a downside of -0.42%
from the last price of 2229.80.
- This broker has downgraded this stock from it's previous report. (eg. - Buy->Hold)
- Broker has maintained previous recommendation but reduced target price.
- This broker has upgraded this stock from it's previous report.(eg. - Sell->Hold)
- Broker has maintained previous recommendation but increased target price.
Nuvoco Vistas: We maintain our BUY rating on Nuvoco Vistas (Nuvoco) with an unchanged target price of INR 827/share (11x its consolidated Sep-23E EBITDA). We continue to like it for its leadership presence in the east, its various margin initiatives, and continued deleveraging of its balance sheet. Weak demand in the east and high opex hit its profitability in Q2. The impact, however, was moderated by rising contribution of synergy benefits and ongoing cost reductions. While consolidated revenue grew 13% YoY to INR 20.20bn, EBITDA fell 9% YoY to INR 3.31bn. Higher capital charges led to a net loss of INR 0.26bn (vs a net loss of INR 0.16bn YoY). Nuvoco reduced its net debt/EBITDA to 3.1x in Sep-21 (vs 4.7x in Mar-21) and aims to lower it further to 2.2x by Mar-22E. Sundram Fasteners: Sundram Fasteners (SF) reported healthy Q2FY22 standalone revenue growth of INR10.6bn (+39% YoY, +13% QoQ) despite the ongoing chip shortage. The revenue outlook is encouraging, with SF on course to surpass its pre-COVID turnover this year itself (FY19 revenue was INR40bn). The company is gaining market share from smaller parts suppliers, against the backdrop of COVID. Further, the share of exports is expected to reach 50% of revenues in the medium term (up from 35% presently), when the new plant ramps up and SF increases its order size wins. While our estimates are largely unchanged over FY22-24E, we are rolling forward our TP timeframe to Sep-23E and setting a revised target price of INR 900, based on 28x forward EPS. We...
However, given limited short-term upside potential from the current levels but a positive long-term outlook on the company, we recommend a HOLD' rating on the stock with a TP of Rs 2,250/share, implying a downside of -4.6% from CMP.
Gujarat State Petronet: Our BUY rating on Gujarat State Petronet with a TP of INR 400 is premised on (1) robust transmission volume growth (+11% CAGR over FY21-23E to 45mmscmd) with increase in gas supply from domestic sources. This should drive volumes and translate to growth in standalone EBITDA at 15% and APAT at 19% CAGR to INR 19bn and INR 13bn in FY23E and (2) compelling valuation at 7.9x FY23E EPS, considering high RoE of 24% in 23E and combined FCF of INR 45bn over FY22-24E. Narayana Health: Narayana Health's (NH) Q1 EBITDA beat estimates by 10%, mainly driven by improved trajectory in the Cayman Islands business (+25% QoQ, 47% margin). COVID has impacted the India business recovery (-3% QoQ), as expected. However, barring the flagship units, the other mature/new units demonstrated robust performance with flat/+870bps QoQ improvement in margin. Despite easing of travel restrictions, NH has been able to sustain patient flow in Cayman Islands, which is encouraging. In India, it plans to increase investments to refurbish and add service offerings at current facilities, which would improve ARPOBs in the long term. While this may increase debt in the near term, the overall net debt/EBITDA would remain comfortable at 1.6x/1.4x for FY22/23e. We raise EBITDA estimates for FY22/23 by 12-13% to factor in higher margin in Cayman Islands and revise the TP to INR575/sh. ADD. Sudarshan Chemical: We maintain a BUY recommendation on Sudarshan Chemical (SCIL) with a target price of INR 830/share. We expect SCIL's PAT to grow at a 26% CAGR over...
Brigade Enterprises: BRGD reported another record quarter as presales grew to 1.7msf (+57%/+9% YoY/QoQ). Presales value jumped to INR 10.2bn (+56%/+10% YoY/QoQ). Construction progress led to a record collection of INR 8.4bn in residential business (vs INR 5.1bn in 3QFY21). Collection in the commercial portfolio continued to be healthy at 99% in 4QFY21. While retail consumption reached 90% of the pre-COVID level, hospitality GOP margin improved QoQ to 22% from 16%. Despite the mid-term challenges in hospitality and retail business, we maintain ADD with an increased TP of INR 296 (vs INR 288 earlier), given the strong momentum in resi. business. We have cut our est. to account for weakness in hospitality, retail/office lease and slower residential construction. Astral: Astral Limited (ASTRA) reported a strong 4QFY21 as both pipes and adhesives segments reported all-time high margins. In pipes, CPVC sales grew at a faster pace. Consolidated net sales/EBITDA/APAT grew 26/33/42% QoQ (79/126/242% YoY) to INR 11.3/2.6/1.7bn respectively and EBITDAM moved to 22.6%. We like ASTRA for its leadership presence in the CPVC segment, continued traction in the adhesive business along with addition of newer chemistries, and new product launches, viz., tanks and valves. We retain our ADD rating with a revised target price of INR 1,830 (34x Mar23E consolidated EBITDA). Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,940/share. We expect the companys PAT to grow at a 15% CAGR over FY21-23E. AIL's constant focus on Capex and R&D; will enable it to remain competitive and expand...
Astral's Q4FY21 result was a beat to our and consensus estimates on key parameters. Strong demand in both pipes and adhesive segment led to healthy net sales growth, while cost cutting measures supported margins improvement. Net sales improved by 79.3% YoY to Rs11.2bn, while EBITDA was up by 126% YoY to Rs2.5bn. The company reported net profit of Rs1.7bn, growth of 241.3% YoY. Though there is marginal weakness in demand in April, 21 due to Covid-19 led state wise lockdown, the management remained confident to grow as things normalize. We believe the company is well placed to benefit from capacity expansion plan to cater to incremental demand,...
Astral Ltd has reported an all-round performance in Q4FY21 with revenue and PAT coming in much ahead of our expectation. Consolidated revenue growth at 79% YoY to | 1128 crore was ahead of our expectation of 36% growth. This was mainly driven by strong performance of both piping and adhesive businesses. Standalone piping revenue increased 80% YoY to ~| 910 crore supported by ~26% YoY growth in volume. Strong demand from housing and construction segment helped drive volumes in Q4FY21. On the adhesive front, segment revenue growth at 78% YoY to | 241 crore...
ASTRA's superior capital allocation has resulted in strong revenue and earnings growth, as well as high return ratios. While earnings growth outlook remains buoyant, ASTRA's stepping up asset sweating led FCF/return ratio acceleration should further bolster its valuations. We initiate coverage on ASTRA with an ADD rating and a TP of INR 2,210/share (34x its consolidated Mar'23E EBITDA). Despite valuing it at a 15% premium to its 3-year mean multiple, the upside is limited, owing to sharp rise in its share price over the past six months. We initiate coverage on Astral Poly Technik Ltd (ASTRA) with an ADD rating and a target price of INR 2,210/sh. We like ASTRA for its leadership presence in the CPVC segment and continued traction in adhesive business. Aided by strong demand outlook in both businesses and ASTRAs new product launches (tanks and valves in plastic pipes, newer chemistries in adhesives), distribution strengthening in adhesives, and focus on asset sweating, ASTRAs revenue/EBITDA/APAT should grow at robust 24/29/35% during FY20-23E (ahead of 24/27/24% CAGR during FY10-20)!
Astral Poly Technik's (Astral) Q2FY21 result was ahead of our and consensus estimates on key parameters. Strong demand in plumbing pipes led to healthy sales growth, while better product mix and prudent cost savings aided EBITDA margin. Net sales improved by 10.1% YoY to Rs7.4bn, EBITDA was up by 20.7% YoY to Rs1.4bn. The company reported net profit of Rs879mn, growth of 6.5% YoY. The management guided that strong recovery in demand post a subdued Q1FY21 led to higher sales volumes in piping industry. Further, the company expects demand traction to continue in H2FY21E, supported by recovery in metros. Astral's capacity expansion plan to cater to...
Adhesive segment demand recovery was impressive post easing of restrictions with ~30% sales growth in Q2FY21. Low base, completion of its distribution realignment strategy yielded a better-than-expected performance. On the piping front, strong demand recovery was seen from September 2020 onwards, which continued in October as segment sales growth for September, October was as high as 30%, 85% YoY, respectively....
With outstanding performance in H1FY21, we have re-worked our estimates for the rest of the year and FY22. We have revised our estimates upwards with change in business sentiments and opening of economy, and expect the company to post Revenue/PAT growth at CAGR of 13%/20% respectively over FY20-22
Astral Poly Technik (ASTRA) Q2FY21 numbers were above our estimates on revenue front and profitability front. Volume growth of 2.2% YoY and 62.4% QoQ in pipe segment as end markets opened up and company had inventory ready and robust distribution network. Pipes business showed a positive growth YoY from Sep'20 onwards. Adhesive segment from the month of July showed a positive growth after a subdued previous quarter. Margins on a full year showed growth as structural changes of eliminating stockists was undertaken....
