The 10 reports from 5 analysts offering long term price targets
for Mold-Tek Packaging Ltd. have an average target of 292.40. The consensus estimate
represents an upside of 45.55%
from the last price of 200.90.
We are re-initiating coverage on Mold-Tek Packaging (MTEP), which is a leading player in rigid plastic packaging and is the only backward integrated In-mold Labeling (IML) player in India. Packaging is a commoditized business on account of lack of bargaining power at both supplier (mainly RIL) and clients' (industry leaders like HUL, Asian Paints, P&G; etc) end. However, pioneering IML with superior execution and consistent orders from marquee clients has enabled MTEP to stay ahead of the curve. Transformation from a polymer converter to an integrated IML player led to a stock rerating around 6 years back and we believe faster growth in F&F; can further re-rate the stock. F&F; contribution has increased from ~6% in FY16 to ~23% in FY20 & we expect it...
Mold-Tek Packaging Ltd (MTEP), one of leading manufacturers' and suppliers of high quality airtight and pilfer proof containers/pails in India for Paints, Lubricants, Food and FMCG. Given near term impact on account of lockdown due to spread of...
Mold-Tek Packaging (MTEP) Q3FY20 print was in-line with our estimates. However, on margin front it beat our estimates. Revenue growth at 2% was flat (dragged by lower RM prices) despite 8% volume growth (aided by new plants for Asian Paints 11% vols growth).
Mold-tek packaging Ltd.'s (MPL) Q3FY20 result was marred by overall demand slowdown. Further, decline in raw material prices were passed on to the clients, which dented net sales. Net sales stood at Rs1,007 mn (+2% YoY) driven by 8.2% YoY volume growth. EBITDA came in at Rs187 mn (+10.8% YoY). Softness in raw material prices supported EBITDA margin which expanded by 127bps YoY to 18.6%. The company reported...
MTEP reported lower topline growth primarily due to slowdown in paint industry. Revenues grew 5.0% YoY but de-grew 11.9% QoQ to Rs 1,007m. EBITDA stood at Rs 192m, up 11.2% YoY but lower 8.5% QoQ. Improvement in gross margins by 460bps YoY and 280bps QoQ due to benign crude prices, EBITDAM expanded 110bps YoY and 70bps QoQ to 19.1. EBITDA/kg was Rs 34.3. PAT grew marginally (1.9%) YoY but de-grew 16.2% QoQ to Rs 88m. EPS stood at Rs 3.2. Q3 Paint volumes stood at 2,894 tons up 12.4% YoY (due to additional volumes from Vizag & Mysuru) but de-grew 20.9% sequentially due to slowdown in the...
IML key growth driver: IML volumes/value contribution in Q2FY20 stood at 61%/65% resp. IML's healthy rise in volume/value contribution is led by robust F&F; segment growth of 41%/55% YoY in both volume/value terms. F&F; growth was driven by q-packs for Edible Oil packaging.
IML revenues as a percentage of sales increased from 61.7% in Q1FY19 to 65% in Q1FY20 and volumes from 53.5% to 61% on back of manifold growth in F&F; business. In spite of sustained growth in F&F; we do not anticipate this mix to change in the near term due to incremental volumes from Vizag and Mysuru. In spite of increase in interest costs estimates we have revised our PAT estimates upwards by 3.8% for FY20E and 21E due to lower tax rate (28% versus 35% previously). We expect Revenue/EBITDA/Adj.PAT to grow at 18.8%/19.0%/20.5% CAGR to Rs 5,563m/Rs 1,018m/ Rs 517m in FY21E on back of 1) sustained growth...
IML revenues as a percentage of sales increased from 61.7% in Q1FY19 to 65% in Q1FY20 and volumes from 53.5% to 61% on back of manifold growth in F&F; business. In spite of sustained growth in F&F; we do not anticipate this mix to change in the near term due to incremental volumes from Vizag and Mysuru. In spite of increase in interest costs estimates we have revised our PAT estimates upwards by 3.8% for FY20E and 21E due to lower tax rate (28% versus 35% previously). We expect Revenue/EBITDA/Adj.PAT to grow at 18.8%/19.0%/20.5% CAGR to Rs 5,563m/Rs 1,018m/ Rs 517m in FY21E on back of 1) sustained growth...
Mold-Tek Packaging Ltd (MTEP), one of the leading manufacturers and suppliers of high quality airtight and pilfer proof containers/pails in India for Paints, Lubricants, Food and FMCG. MTEP's revenue grew by 12% CAGR whereas PAT grew by whopping 41% CAGR over FY13-FY18. EBITDA margin expanded by 830bps to 18.7% over FY13-18. Strong profitability growth was led by margin expansion on account of increasing share of in-mold volumes....
Mold-Tek Packaging (MTEP) in Q3FY19 posted consolidated revenues of Rs. 98.7 Cr. (16% YoY, 2%QoQ) led by mix of volume and pricing growth. Volumes growth was on account of growth in Edible Oil packaging, Food & FMCG (F&F;) and Paints segment. EBITDA during the quarter stood at Rs. 17Cr.
Mold-Tek Packaging (MTEP) delivered a mixed set of numbers for 3QFY19, but the forward commentary looks solid. Revenues grew 16% YoY to Rs987mn led by volume growth of 8%. Volume growth was mainly driven by food and FMCG (F&F;) and lubricant divisions whereas paint division continues to remain stable. EBITDA increased 11% YoY to Rs169mn, but margins declined 70bps to 17.1%. The company completed the construction at Mysuru (Asian Paints) plant and has planned the commercial opening on 7 February 2019. Vizag plant is 90% constructed and should start operations from the first week of March 2019. The share of IML in volume terms stood at 60% for the quarter as against 54%...
There has been a slight delay in commencement of production at the Mysuru plant from December end to Mid January. As of now supplies to Asian Paints are being met from the Hyderabad plant. The Vizag plant will go on stream by end of February. Hence both plants will begin to contribute to production March onwards. The company expects to clock in...
There has been a slight delay in commencement of production at the Mysuru plant from December end to Mid January. As of now supplies to Asian Paints are being met from the Hyderabad plant. The Vizag plant will go on stream by end of February. Hence both plants will begin to contribute to production March onwards. The company expects to clock in...
Mold-Tek Packaging Ltds (MPL) Q2FY19 net revenue grew by 27.5% YoY in Q2FY19, driven by healthy volume growth of 19%. However, growth in EBITDA was relatively lower at 18.9% YoY, while EBITDA margins declined by 120bps YoY at 16.5%, impacted by input cost inflation.
Mold Tek Packaging Lower gross margins & higher interest cost impacts profitability Mold Tek Packaging (MTEP) reported Q2 results, slightly below expectations. Cons. net sales grew by 27.1% YoY but were marginally lower sequentially to Rs 1,005m. Q2 is a seasonally weak quarter (Q1 and Q4 being stronger). EBITDA grew 19.1% YoY to Rs 166m but was down QoQ by 6.9% to Rs 166m primarily due to 240 bps contraction in gross margins as well as increase in employee costs by 23% YoY. EBITDAM were down...
Mold-Tek Packaging (MTPL) in Q1FY19 posted consolidated revenues of Rs. 102 Cr. (up 16%/8%; YoY/QoQ basis) due to value growth led by a favourable product mix change in favour of high margin F&F; segment. EBITDA during the quarter stood at Rs. 18 Cr up 13%/8% on a YoY/QoQ basis respectively.
We initiate coverage on Mold-tek packaging Ltd. (MPL) with a BUY rating and price target of Rs 377 based on PE of 22x at FY20E EPS of Rs 17.1. We believe 1) leadership in IML manufacturing 2) complete in-house backward integrated operations 3) foray in high margin Food and FMCG segment 4) capacity expansion would be key growth catalysts for MPL. We expect MPL to clock Net Sales/EBITDA/PAT CAGR of...
We recently interacted with the management of Mold-Tek Packaging (MTEP) at the investor conference hosted by us. Overall, the discussion was based on growth outlook, capacity expansion plan, new product launches and update on its RAK facility. Following are the key takeaways from the discussion: Robust growth expectations from India business: The management reiterated its guidance of 15% volume growth for FY19 and more than 20% for the next couple of years in respect of India business. Over the next five to seven years, MTEP aims to achieve Rs10,000mn in revenues led by strong growth across segments. Both the new dedicated facilities for Asian...
