Mold-Tek Packaging Ltd. share price target

Retain BUY with a TP of Rs 755/share (earlier Rs 685/share) valuing it at 22x PE its FY24E.

We maintain a BUY with a revised TP of Rs 680 (Rs 585 earlier) as we raise our target multiple to 22x FY24E EPS (earlier 20x FY24 EPS) given the company's strong growth trajectory over FY21-24E.

We retain a BUY with TP of Rs 585/share and continue to value the stock at a target multiple of 20x basis FY24E EPS.

Q1FY22 revenue & profitability grew by 105% & 671% YoY led by strong volume uptick and improvement in realization. Overall volumes grew by 61% YoY led by strong demand from its key end user industries paints & Lubes. EBITDA margins expanded by 494bps YoY to 18.9% led by higher realisation and scale benefits. Overall demand situation is improving and we expect H2FY22E to be better due to the improvement in consumption spending and improved economic activities....

Mold-tek packaging's (MPL) Q1FY22 result was in-line with our estimates on key parameters. Statewide lockdown amid second wave of Covid-19 weighed on operations on a sequential basis; however, the company's performance over Q1FY21 was recommendable, primarily aided by better product mix. Net sales increased by 105% YoY to Rs1,337mn, while EBITDA came in at Rs253mn, higher by 177% YoY. The company reported net profit of Rs121mn, growth of 669% over Q1FY21. The company has added many new clients in Q1FY22 as well as has introduced higher margin QR coded IML products. MPL remains focused on capacity expansion, new product...

We marginally revise our FY22/23 estimates and introduce FY24E. Retain BUY with the Target Price Rs. 585/share valuing it at 20x PE its FY24E.

It was the first to introduce in-mould label (IML) decorative products and QR coded packaging products in India While new product launches helped drive profitability of the company,...

Mold-tek packaging's (MPL) Q4FY21 result was better than our estimates on key parameters. Strong sales volume growth and higher NSR (on account of increased raw material prices) supported net sales, while higher share of IML products in total volume led to EBITDA margin expansion. Net sales increased by 51.2% YoY to Rs1,610mn, while EBITDA came in at Rs320mn, higher by 75% YoY. The company reported net profit of Rs181mn, growth of 106.1% over Q4FY20. The management remained confident to keep the earnings growth momentum once pandemic situation comes under control. Second wave of Covid-19 has dented product off-take owing to statewide lockdown,...

1mn pump pieces/month, to be ramped up to 4mn/month by year end. MTEP reported robust volume growth on back of growth in paint and food & FMCG volumes. EBITDA/kg highest at Rs 41.8 in spite of 50% increase in RM cost on back of increased contribution from IML products and food & FMCG business and use of new flexographic machine (adds 0.50-0.75 paise to...

Mold-Tek Packaging (MTEP) reported numbers were an all round beat to our and consensus estimates owing to better than expected traction in demand from its key end-user industry Paints, Lubes and F&F;.