Century Plyboards (India) Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Century Plyboards' (CPIL) topline grew 11.7% YoY to | 544.1 crore (our estimate: | 571.2 crore) mainly led by MDF division revenues (| 64.8 crore in Q4FY18 vs. | 0.6 crore in Q4FY17) The EBITDA margin contracted 180 bps YoY to 15.3% (our expectation: 17.4%) due to a rise in raw material costs PAT de-grew 36.1% YoY to | 35.7 crore (our expectation: | 51.1 crore) mainly on account of EBITDA margin contraction and higher...

Century Plyboards India Ltd (CPIL) is a leading domestic player in the plywood and decorative veneers space in the organized plywood market in India. CPIL is on an expansion spree and is further increasing its capacities in both plywood and laminates businesses which will help the company in market share gains. Considering huge market size of the Indian MDF segment (Rs15bn in FY17), CPIL is...

Century Plyboards (I) Ltd (CPIL) reported healthy set of numbers for Q3FY18 with net revenue and PAT growth (standalone) of 19.9% & 25.1% YoY respectively. Led by high margin MDF segment, the overall EBITDA margins improved by 137bps YoY to 17.2%, which was encouraging.

For 3QFY2018, Century Plyboards India Ltd (CPIL) posted results in-line with our expectations on both top-line as well as bottom-line fronts. Revenues grew by ~11% yoy and operating margins were also higher yoy. On the bottom-line front, CPIL reported growth of ~25% yoy to `47cr on the back of strong top-line growth and lower interest cos..

For 3QFY2018, Century Plyboards India Ltd (CPIL) posted results in-line with our expectations on both top-line as well as bottom-line fronts. Revenues grew by ~11% yoy and operating margins were also higher yoy. On the bottom-line front, CPIL reported growth of ~25% yoy to `47cr on the back of strong top-line growth and lower interest cos..

Century Plyboards' (CPIL) topline grew 19.9% YoY to | 509.9 crore (our estimate: | 520.4 crore) led by incremental contribution from MDF division which commenced operations in October, 2017 EBITDA margin expanded 130 bps YoY to 17.2% (our expectation: 16.7%) mainly on account of revenue contribution from high margin MDF division which clocked margins of 20% Net profit grew robustly by 25.1% YoY to | 46.6 crore (our estimate: | 45.1 crore) led by strong topline growth and margin expansion...

Century Ply has reported in line numbers on all fronts in Q3FY18. Sales at INR 510 cr grew by 20% YoY (adjusted for excise duty) and were in line with our expectations post adjustment of excise.

Century's net sales grew 19.8% YoY to Rs51 bn led by commercialization of MDF facility (sales of Rs5 bn) during Q3FY18, while the company's EBITDA grew 36.5% YoY to Rs9.2 bn (EBITDA margin at 18.0%)....

Century well-poised to gain market share from unorganized players The wood panel industry is in a phase where organized players are likely to accelerate market share gains from unorganized ones due to 1) implementation of GST (tax arbitrage will be lost by unorganized players), 2) availability of raw material (face veneer) and 3) gradual shift towards MDF from the traditional plywood. Century remains well-poised to reap the benefits of this accelerated transition in the coming...

Century Plyboards India Ltd (CPIL) is a plywood manufacturer dealing in plywood, laminates, MDF (Medium Density Fibreboard) and others with presence across India and overseas. CPIL is also engaged in logistics business through management of a container freight station. We expect CPIL to report net revenue CAGR of ~17% to ~`2,896cr over FY..