The 2 reports from 2 analysts offering long term price targets
for Prince Pipes & Fittings Ltd. have an average target of 602.50. The consensus estimate
represents a downside of -13.09%
from the last price of 693.25.
Initiate coverage with a BUY rating: Since its IPO in Jan'20, Prince's stock price has soared 3x, as it continues to enjoy valuation rerating. As we expect a brighter outlook for the company, the valuation rerating should continue, in our view. We initiate coverage on the stock with a BUY rating and a TP of INR 830/share (18.5x its Mar'23E EBITDA, implying 31x P/E). We initiate coverage on Prince Pipes (Prince) with a BUY rating and a target price of INR 830/share. We like Prince for its focussed presence in the fast-growing plastic pipes business. The companys comprehensive product portfolio covering plumbing, irrigation, and SWR management and robust pan-India distribution network has helped it ramp up sales from its accelerated capacity expansion. These drove up its solid 10-year revenue/EBITDA/APAT CAGR of 17/28/32%. We expect earnings growth to remain strong and cash conversion to improve further, riding on robust demand, Princes continued expansion/capacity ramp-up and its pan-India franchise.
An established brand among the leading players Prince Pipes and Fittings Ltd, is a leading manufacturer of polymer pipes and fittings in India, offering products for varied applications in plumbing, irrigation, and soil, waste and rain water (SWR) management. The company markets its products under two brand names: Prince Piping Systems; and Trubore. They have more than 30 years' experience in the polymer pipes segment. With six...
Prince Pipes and Fittings (PPFL) is engaged in manufacturing polymer pipes and fittings. This includes UPVC, CPVC, PPR and HDPE contributing 71%, 20% 6% and 3% to the topline, respectively. The company has six manufacturing plants and over 1400 distributors across India. With a current value market share of 5% in the plastic piping industry, PPFL aims to increase its manufacturing capacity by 25% to ~3 lakh MT by the end of FY21E. The company reported a revenue CAGR of 12% in FY17-19 led by 11% volume growth in the same period. Further, PPFL plans to increase its...
them to wholesalers, retailers and plumbers. The products under Trubore are directly sold to 212 wholesalers and retailers. Comprehensive product portfolio across polymers serving diverse end-use applications: Due to its comprehensive product range, it is positioned as an end-to-end polymer piping systems solution provider. It currently manufactures polymer pipes using four different polymers: UPVC; CPVC; PPR; and HDPE, and fittings using three different polymers: UPVC; CPVC; and PPR. The company had 7,167 SKUs as at October 31, 2019...
