34.40 -1.40 (-3.91%)
NSEJul 16, 2020 15:31
The 1 reports from 1 analysts offering long term price targets for Skipper Ltd. have an average target of 67.00. The consensus estimate represents an upside of 94.77% from the last price of 34.40.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-06-23||Skipper Ltd.||East India Securities Ltd||48.15||67.00||48.15 (-28.56%)||94.77||Buy|
East India Securities Ltd
operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 for forex loss, EBITDA margin stood at 10.6% and EBITDA declined by 11% to Rs466mn. is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers Notional forex loss led to PBT loss of Rs20mn. However, Consolidated PAT grew by 58.5% for margin improvement. However, we believe current valuations already discount most of the YoY to Rs 281mn as tax related write backs offset the impact of forex loss....
|2018-11-13||Skipper Ltd.||Reliance Securities||96.00||147.00||96.00 (-64.17%)||Buy|
Poor Performance Continues; Recovery Likely in Next Quarter Skipper continued to deliver a very poor performance in 2QFY19 as well, with its PAT declining by 89% YoY to Rs25mn. Its revenue grew by 1.6% YoY to Rs5.2bn led by 16% de-growth in Polymer division and lower execution in Engineering Products business. Looking ahead, 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. Further, the stock is available at attractive valuation following a sharp correction during last 6 months. We maintain our BUY recommendation on the stock with a revised Target Price of Rs147 (from Rs214 earlier)....
|2018-08-27||Skipper Ltd.||CD Equisearch||130.60||184.00||130.60 (-73.66%)||Buy|
|2018-08-13||Skipper Ltd.||Reliance Securities||121.35||214.00||121.35 (-71.65%)||Buy|
Skipper's EBITDA declined by 12.9% YoY to Rs450mn, while its EBITDA margin contracted by 355bps YoY to 9.4% led by fall in polymer margin to 1.2% in 1QFY19 (from 9.3% in 1QFY18) owing to execution of fixed-value engineering projects. Fall in Polymer market is attributable to increasing penetration cost in newer markets owing to increased brand building spend and dealer incentives. Skipper's PAT declined by 72% YoY to Rs45mn owing to 62% YoY rise in interest cost to Rs274mn on account of high inventory built-up led by subsequent supply...
|2018-05-21||Skipper Ltd.||Emkay||176.10||180.00||176.10 (-80.47%)||Target met||Buy|
Skipper's operational performance was broadly in line with our expectations. Revenue increased by 5% yoy on the back of steady growth in Engineering Products (EP) (+5.9% yoy) and Polymer Products (PP) (+9.3% yoy). While EBITDA margin increased by 42bps yoy to 18.3%, the PAT declined by 15% yoy owing to 76% yoy increase in finance cost. Aggregate order inflows (FY18) in EP stood at Rs21bn, while the order backlog stood at Rs26bn spread across PGCIL (44%), SEB's (44%) and Exports (12%). The company has...
|2018-05-18||Skipper Ltd.||Reliance Securities||180.00||315.00||180.00 (-80.89%)||Buy|
Skipper has delivered a weak performance in 4QFY18 with its reported revenue declining by 2.9% YoY to Rs5.9bn, which however, adjusting for Excise Duty of 4QFY17, grew by 5.0% YoY led by lower execution in Engineering Products business and slower growth in Polymer division. Its EBITDA (+7.5% YoY) and PAT (-15.1 % YoY) stood at Rs1086mn and Rs493mn, respectively. Looking ahead, 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. Following sharp correction by 30% in last 3 months, the stock is available at attractive level now. We maintain our BUY recommendation on the stock with a revised Target Price of Rs315....
|2018-03-14||Skipper Ltd.||Choice India||231.90||231.90 (-85.17%)||Buy|
Valuation:Thus, we believe that on account of the above factors, expanding transmission capacity and being of the lowest cost producer of transmission towers, the Company expects 15% growth in the segment. Also, pick up in polymer business along with asset light model wherein, the land is taken on lease and company invests for plant and machinery will give much better asset turnover. Over all capex would be around Rs. 500-600 mn which will be funded largely by internal accruals. Further, with improved working capital cycle has led to healthy Debt/ Equity for the Company Thus, on the valuation front, at CMP Rs.230.2 , the company is trading at a P/E...
|2018-02-12||Skipper Ltd.||Choice India||259.00||259.00 (-86.72%)||Buy|
Skipper has formed a JV with Metzerplas, a manufacturer of drip Irrigation solutions from Israel, with an eye on a potential Rs. 5,000 mn market opportunity. The company has forayed into manufacturing of solar structures and will carry it...
|2018-02-08||Skipper Ltd.||HDFC Securities||249.00||267.00||249.00 (-86.18%)||Neutral|
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
|2018-02-08||Skipper Ltd.||Reliance Securities||249.00||340.00||249.00 (-86.18%)||Buy|
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...
|2018-02-07||Skipper Ltd.||Emkay||245.60||297.00||245.60 (-85.99%)||Buy|
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....
|2017-12-14||Skipper Ltd.||Emkay||258.10||327.00||258.10 (-86.67%)||Buy|
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....
|2017-11-27||Skipper Ltd.||Emkay||275.55||327.00||275.55 (-87.52%)||Buy|
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...
|2017-11-24||Skipper Ltd.||HDFC Securities||262.85||253.00||262.85 (-86.91%)||Target met||Neutral|
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%).
|2017-11-24||Skipper Ltd.||Reliance Securities||262.85||289.00||262.85 (-86.91%)||Target met||Buy|
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...
|2017-11-24||Skipper Ltd.||Sharekhan||262.85||263.00||262.85 (-86.91%)||Target met||Hold|
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...
|2017-09-12||Skipper Ltd.||CD Equisearch||212.00||262.00||212.00 (-83.77%)||Target met||Buy|
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...
|2017-09-07||Skipper Ltd.||HDFC Securities||210.00||245.00||210.00 (-83.62%)||Target met||Buy|
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.
|2017-09-06||Skipper Ltd.||Reliance Securities||215.65||254.00||215.65 (-84.05%)||Target met||Buy|
Skipper has delivered a strong performance in 1QFY18 as well with its net revenue growing by 39.6% YoY to Rs4.32bn led by healthy performance in Engineering Products and Infra Projects segments. Reported revenue includes sale of surplus inventory worth Rs500-550mn carried forward from 4QFY17, in absence of which revenue would have grown by 24% YoY. Looking ahead, we continue to believe that a sizeable order book, huge imminent opportunities and diversification into PVC business firmly place Skipper on higher growth trajectory. Notably, the stock has witnessed a sharp rally since our initiation report with BUY recommendation in Feb'17. Remaining positive on Skipper's fundamentals, we reiterate our BUY recommendation on...
|2017-05-15||Skipper Ltd.||HDFC Securities||196.55||223.00||196.55 (-82.50%)||Target met||Buy|
Skippers 4QFY17 results (adjusted for forex gains) were in line with our estimates. Revenue grew 7% YoY, led by 25% growth in the PVC business. As per the mgmt, PVC sales normalised starting Feb-17 (post demonet impact). EBITDA margin at 13.2% (-70bps YoY) was in line with our estimates, adjusted for a forex gain of Rs 164mn. APAT grew 12% YoY to Rs 404mn.