TTK Prestige Ltd. share price target

trades at expensive multiple of 39x, 34x FY18E, FY19E earnings of bharat.chhoda@icicisecurities.com | 151, | 176, respectively. We have a SELL recommendation on the stock...

TTK Prestige’s (TTKP) Q1FY17 revenues were flattish with 2% YoY growth, below our expectations. However, margins surprised on the positive side and were higher than our expectations of 11.2% at 12.6%. The cooker & cookware segment disappointed with YoY degrowth of 2% and 9%, respectively, while the appliance segment grew steadily by 8% • EBITDA for the quarter grew 15% YoY to | 43.5 crore. The EBITDA margin increased 146 bps to 12.6% (I-direct estimate 11.2%). This was mainly on account of improvement in gross margin by 196 bps • Consequently, PAT grew 10% YoY to | 24 crore (I-direct estimate | 28.3 crore).ICICI Securities Limited have a HOLD recommendation on the stock with a revised target price of | 4590 (28x FY18E EPS).

Trendlyne has 6 reports on TTKPRESTIG updated in the last year from 3 brokers with an average target of Rs 4849. Brokers have a rating for TTKPRESTIG with 1 downgrade,1 price downgrade and 2 price upgrades in past 6 months.

Revenue growth contributed by Horwood: TTK Prestige (TTKPT) reported overall revenues of INR3.8b (est. of INR4.4b), marking 11.3% YoY growth. Horwood contributed INR350m of sales, excluding which growth was flat in the domestic business. EBITDA margins expanded 130bp to 12.4% in 1QFY17 (est. of 12.5%), led by gross margin expansion of 190bp, but partly offset of an increase in employee costs. EBITDA grew 25% YoY to INR472m, while adj. PAT...

ICICI Securities Ltd | Retail Equity Research...

TTKPT acquires Horwood Homewares, a branded kitchenware business in UK: TTKPT's search for acquiring a brand in Europe finally ended with acquisition of a kitchenware range brand in UK, for an undisclosed amount....

Strong Come Back with Core Products: Domestic sales of Q3FY16 grew by 17.6% on YoY basis from Rs.3793 Mn in Q3FY15 to Rs.4462 Mn in Q3FY16 which is highest ever Q3 sales of TTK Prestige Ltd.; whereas total revenue for FY15 grew by 7.4% on YoY basis. The major growth driver for this quarter was the Appliance segment which has recorded significant growth of 27.0% on YoY basis.

Background: TTKPT broadly operates under 3 major segments - Pressure Cooker & Pans, Non-stick Cookware and Kitchen Electric Appliances. TTKPT enjoys high brand recall and they spend ~7.2% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. TTKPT has a market share of ~60% in the outer-lid pressure cooker, ~15% in inner-lid pressure cooker within the organised market and in Induction cook-top space they enjoy a market share of about ~25%. 80% of sales are from products introduced in the last 3 years. TTKPT has network of 30,000 dealers in India. They...

TTKPT broadly operates under 3 major segments - Pressure Cooker & Pans, Non-stick Cookware and Kitchen Electric Appliances. TTKPT enjoys high brand recall and they spend ~7.2% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. TTKPT has a market share of ~60% in the outer-lid pressure cooker, ~15% in inner-lid pressure cooker within the organised market and in Induction cook-top space they enjoy a market share of about ~25%. 80% of sales are from products introduced in the last 3 years. TTKPT has network of 30,000 dealers in India. They...

TTKPT broadly operates under 3 major segments - Pressure Cooker & Pans, Non-stick Cookware and Kitchen Electric Appliances. TTKPT enjoys high brand recall and they spend ~7.2% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. TTKPT has a market share of ~60% in the outer-lid pressure cooker, ~15% in inner-lid pressure cooker within the organised market and in Induction cook-top space they enjoy a market share of about ~25%. 80% of sales are from products introduced in the last 3 years. TTKPT has network of 30,000 dealers in India. They...