679.85 -43.05 (-5.96%)
2.2M Volume
NSEFeb 26, 2021 03:31 PM
The 13 reports from 6 analysts offering long term price targets for Berger Paints (India) Ltd. have an average target of 545.83. The consensus estimate represents a downside of -19.71% from the last price of 679.85.
Summary | Date | Stock | Broker | Price at Reco. | Target | Price at reco Change since reco(%) | Upside(%) | Type | Report | Discuss |
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2021-02-18 | Berger Paints (India.. + | Geojit BNP Paribas | 741.25 | 655.00 | 741.25 (-8.28%) | 3.66 | Sell | BERGER PAINTS
Geojit BNP Paribas
Near term growth momentum depends on the demand for industrial and protective coatings which further depends on macro environment recovery. Also, competitive pressures and raw material price fluctuation could impact the business prospects in long-term. Hence, considering the extended valuation, we downgrade our rating on the...
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2021-02-15 | Berger Paints (India.. + | Chola Wealth Direct | 764.05 | 601.00 | 764.05 (-11.02%) | 11.60 | Sell | EARNINGS UPDATE- BERGER PAINTS 3QFY21
Chola Wealth Direct
Background: Berger Paints is the second largest decorative paint company in India. The Company operates seven manufacturing facilities spread across India, and four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts for 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2%...
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2021-02-11 | Berger Paints (India.. + | Nirmal Bang Institutional | 770.35 | 605.00 | 770.35 (-11.75%) | 11.01 | Sell | Berger Paints India Ltd.- 3QFY21 Result Update- Strong broad-based performance; Maintain Sell
Nirmal Bang Institutional
Similar to market leader, Berger Paints India Ltd (BRGR) also posted strong growth in 3QFY21, continuing from the momentum it saw in 2QFY21, supported by festive demand. BRGR's 3QFY21 consolidated revenue grew by 24.9% YoY to Rs21.2bn (vs our est. 16.8% growth to Rs19.8bn). 3QFY21 saw robust demand across all segments of the domestic decorative portfolio. Upcountry continued to do well and even urban demand is coming back to normal levels. We believe that volume in the domestic decorative business grew by 31-32% YoY, slightly below market leader. Volume was largely led by fresh demand, with some element of pent-up demand. Even industrial demand picked up during the quarter, with revival seen in automotive and protective & powder seeing double-digit growth....
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2020-11-13 | Berger Paints (India.. + | Geojit BNP Paribas | 649.00 | 673.00 | 649.00 (4.75%) | Target met | Hold | |||
2020-11-10 | Berger Paints (India.. + | Nirmal Bang Institutional | 649.20 | 500.00 | 649.20 (4.72%) | 26.45 | Sell | Berger Paints India Ltd.- 2QFY21 Result Update- Robust performance; Maintain Sell on rich valuation
Nirmal Bang Institutional
Robust performance; Maintain Sell on rich valuation Berger Paints India Ltd (BRGR) posted a sharp recovery with 2QFY21 consolidated revenue growing by 9% YoY to Rs17.43bn (vs our est. 5.3% growth to Rs16.83bn), led by calculated 12-13% YoY volume growth in the domestic decorative business. Performance of the General Industrial and Protective Coatings business also improved during the quarter. Consolidated gross margin was up by 180bps YoY (up 180bps QoQ) at 42.8% (vs our est. 42.5%). Standalone gross margin expanded by ~270bps YoY on the back of benign material prices (crude oil & its derivatives), formulation related changes and procurement efficiencies (mostly permanent in nature), partially offset by a depreciating rupee...
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2020-09-07 | Berger Paints (India.. + | HDFC Securities | 555.00 | 460.00 | 555.00 (22.50%) | 32.34 | Sell | Berger Paints (Initiating Coverage): Catalysts missing for a performance encore. SELL
HDFC Securities
We build in revenue/EBITDA/PAT CAGR of 8/9/10% over FY20-23E (closely tracking APNT) and initiate coverage on the stock with a Sell recommendation and a DCF-based target price of Rs. 460/sh (implying 55x Sep-22 P/E) as there is nothing on the investor table at 66x Sept-22 P/E. RoICs are likely to mean revert to 22% by FY22/23. Berger Paints (BRGR) has gone toe-to-toe with dominant leader APNT over FY10-20 despite the former's higher industrial salience, implying that its decorative biz has outpaced APNTs. Growth has been smartly navigated alongside improving profitability viaaggressive productinnovation/ premiumisation, efficient marketing and distribution expansion (GM/EBITDAM differential has reduced from 856/924bp to 320/560bp over FY10-20). While this narrative will continue, outperformance is unlikely to be as steep over FY20-23, given that (1) BRGR will have to contend with APNT's stepped-up aggression at the bottom of the pyramid and (2) margin levers seem to be missing.
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2020-08-24 | Berger Paints (India.. + | Chola Wealth Direct | 569.85 | 483.00 | 569.85 (19.30%) | 28.95 | Sell | EARNINGS UPDATE- BERGER PAINTS 1QFY21
Chola Wealth Direct
Background: Berger Paints is the second largest decorative paint company in India. The Company operates seven manufacturing facilities spread across India, and four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts for 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2%...
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2020-08-19 | Berger Paints (India.. + | Geojit BNP Paribas | 566.80 | 603.00 | 566.80 (19.95%) | Target met | Hold | |||
2020-08-18 | Berger Paints (India.. + | ICICI Securities Limited | 562.75 | 580.00 | 562.75 (20.81%) | Target met | Hold | Berger Paints India
ICICI Securities Limited
Q1FY21 consolidated revenues fell 46% YoY led by ~48% YoY drop in the revenue of domestic business. However, revenue fall in subsidiaries was limited to ~20% YoY due to topline growth in Bolix Poland (classification of construction works under essential categories), along with consolidation of newly acquired business of STP Ltd. The management expects strong demand revival, going forward, supported by festive demand, easing restriction in urban clusters (drivers of its premium products). Lower operating leverage drags EBITDA margins...
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2020-06-29 | Berger Paints (India.. + | IDBI Capital | 502.20 | 374.00 | 502.20 (35.37%) | 44.99 | Sell | Berger Paints : Q4 Result Review
IDBI Capital
Berger Paints (BRGR) result was below expectations. Revenue on standalone basis declined at a higher rate compared to Asian Paints (APNT) largely due to higher stress in industrial coatings. However, on consolidated basis, Berger outperformed APNT led by (i) strong performance of a subsidiary in Poland (41% international revenue share, 4% PAT margin) led by higher exposure to external insulation and construction projects business which were not subject to lock-down (ii) inclusion of STP LTD revenue (acquired in Nov'19). Gross margin expansion is likely to sustain led by deflationary raw material cost trend. Only 10% of raw material is imported from China, hence no...
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2020-06-27 | Berger Paints (India.. + | ICICI Securities Limited | 510.80 | 570.00 | 510.80 (33.10%) | Target met | Hold | Berger Paints India
ICICI Securities Limited
Q4FY20 revenue fell ~8% YoY as a fall in domestic revenue was partially arrested by strong revenue growth of subsidiaries (revenue up ~51% YoY) in Poland and Nepal during Q4FY20. Classification of construction works under essential categories helped drive the performance of subsidiaries in the respective regions, along with consolidation of newly acquired business of STP Ltd. We model volume CAGR of ~6% for FY20-22E supported by faster recovery in demand from rural and suburban regions. Benefit of lower raw material prices to drives profitability...
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2020-06-26 | Berger Paints (India.. + | Chola Wealth Direct | 510.80 | 393.00 | 510.80 (33.10%) | 42.19 | Sell | EARNINGS UPDATE- BERGER PAINTS 4QFY20
Chola Wealth Direct
Background: Berger Paints is the second largest decorative paint company in India. The Company operates seven manufacturing facilities spread across India, and four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts for 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating...
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2020-04-27 | Berger Paints (India.. + | ICICI Securities Limited | 529.95 | 595.00 | 529.95 (28.29%) | Target met | Buy | Berger Paints India
ICICI Securities Limited
Berger Paints launched various innovative products (WeatherCoat Anti Dustt & Easy Clean) in the decorative paints category through a sharp increase in its R&D; spend. Launch of premium products and favourable input prices drove gross margins up ~250 bps in FY12-19. With crude oil prices likely to remain low, we expect a further expansion in gross margin, thereby leading...
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2020-02-17 | Berger Paints (India.. + | Geojit BNP Paribas | 572.60 | 623.00 | 572.60 (18.73%) | Target met | Hold | BERGER PAINTS
Geojit BNP Paribas
Decorative business drives modest growth in topline Berger Paints reported Q3FY20 consolidated revenue of Rs. 1,696cr (+4.9% YoY; +6.1% QoQ). The company mainly derives its revenues from Decoratives (~80%) and Industrial paints (~20%). The muted growth in revenue was primarily driven by modest growth in Decorative business on account of late monsoons, early Diwali and general demand conditions. Also, Automotive business continued to be impacted by prolonged slowdown in the automotive sector. On the other hand, Protective coatings business witnessed robust growth during the quarter. As the automobiles sectors...
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2020-02-11 | Berger Paints (India.. + | Chola Wealth Direct | 582.25 | 415.00 | 582.25 (16.76%) | Target met | Sell | EARNINGS UPDATE- BERGER PAINTS 3QFY20
Chola Wealth Direct
Background: Berger Paints is the second largest decorative paint company in India. The Company operates seven manufacturing facilities spread across India, and four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts for 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating...
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2019-11-20 | Berger Paints (India.. + | Geojit BNP Paribas | 485.20 | 441.00 | 485.20 (40.12%) | Target met | Sell | |||
2019-08-29 | Berger Paints (India.. + | Geojit BNP Paribas | 370.15 | 345.00 | 370.15 (83.67%) | Sell | BERGER PAINTS
Geojit BNP Paribas
We reiterate our REDUCE rating on the stock with a revised target price of Rs. 345 based on 44x FY21E adj. EPS Protective coating, decorative business drive growth in Q1FY20 Q1FY20 revenue came in at Rs. 1,717cr versus Rs. 1,483cr for the same period last year (up 15.7% YoY). The growth was mainly driven by protective coatings business and decorative business owing to the price increase in FY19 and strong volume growth. This growth in volume was driven by aggressive distribution push in tier 2 and tier 3 towns. We expect double digit volume growth to continue in near future, on account of...
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2019-08-14 | Berger Paints (India.. + | Chola Wealth Direct | 364.40 | 346.00 | 364.40 (86.57%) | EARNINGS UPDATE-BERGER PAINTS 1QFY20
Chola Wealth Direct
Sector: Paints /Mid-Cap | Earnings Update 1QFY20 Background: Berger Paints is the second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts for...
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2019-06-25 | Berger Paints (India.. + | Chola Wealth Direct | 318.50 | 346.00 | 318.50 (113.45%) | Target met | Buy | EARNINGS UPDATE-BERGER PAINTS 4QFY19
Chola Wealth Direct
Sector: Paints /Mid-Cap | Earnings Update 4QFY19 Background: Berger Paints is the second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts for 10%. It has strong brands like Berger Silk, Berger Rangoli, Berger Illusions, Berger Weather Coat and Jadoo Enamel....
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2019-06-14 | Berger Paints (India.. + | Edelweiss | 319.10 | 360.00 | 319.10 (113.05%) | |||||