The 9 reports from 5 analysts offering long term price targets
for Mayur Uniquoters Ltd. have an average target of 317.75. The consensus estimate
represents an upside of 36.29%
from the last price of 233.15.
Auto segment forms ~55% of revenues while footwear forms ~30%, with others contributing rest. MUL counts several major automotive OEMs both in India (MSIL, M&M;, TML, MG Motor, Honda), globally (VW, Ford, Chrysler) as its clients while also serving retail brands like Bata, Relaxo, Paragon, among others. Share of footwear in overall revenues is on the decline amid higher growth in auto, other segments. This bodes well for MUL as footwear ASPs are lower than those in automotive with blended ASPs at ~| 200-220/metre. Recently, receipts of approval from Mercedes...
plant and exports are behind (reasons for a de-rating over the last two years), at ~10x FY22e P/E, we believe in good scope for a re-rating given improving prospects. Its net-cash status and FCF generation ability even in the downturn are other positives. While the near-term outlook is challenging, we are positive...
Auto industry is looking forward for a better Diwali. On the back of improvement in rural Mayur had started reporting strong margins in normal business situation and strong demand, the outlook for Q4FY20 and Q1FY21 is good. margins will come back with sales going back to normal levels....
Mayur Uniquoters The Peacock will now Dance! Mayur Uniquoters (MUNI) is a leading manufacturer of PVC in India has recently commissioned its PU (Polyurethane) capacity which is otherwise being imported from China. With just one other player manufacturing PU in India, we feel that the company will be able to ramp up its capacity utilisation given a) its rich experience in the industry, b) well entrenched relationships with established brands in both footwear and auto, c) strong financial discipline and d) the Indian buyers were as it is looking for an alternative to China. We believe this capacity will add to...
Mayur Uniquoters The Peacock will now Dance! Mayur Uniquoters (MUNI) is a leading manufacturer of PVC in India has recently commissioned its PU (Polyurethane) capacity which is otherwise being imported from China. With just one other player manufacturing PU in India, we feel that the company will be able to ramp up its capacity utilisation given a) its rich experience in the industry, b) well entrenched relationships with established brands in both footwear and auto, c) strong financial discipline and d) the Indian buyers were as it is looking for an alternative to China. We believe this capacity will add to...
Mayur Uniquoters' (MUNI) Q3FY20 standalone revenue declined 23% YoY (volume down 21% YoY) due to continued slowdown in user industries (footwear, auto).
Mayur Uniquoters' (MUNI) Q4FY19 revenue declined 8.7% YoY, with volumes down 6.6%. Operating margins fell 357bps YoY to 21.6% due to higher RM cost and other expenses, inducing an EBITDA/PAT decline of 21.6%/18.1% YoY. We cut FY20/FY21 PAT estimates by 6%/4% to build in lower growth and pare our target P/E from 22x to 20x. The stock is likely to remain subdued till PU plant ramp-up (guided to start production from Sep'19)....
Mayur Uniquoters (MUL) is one of the largest manufacturers of artificial leather/PVC vinyl in India with ~37million meters (mm) annual capacity and ~8% domestic market share.
EM equity markets fell by 4% on the back of currency crisis in Turkey. EM currencies also fell by 1% in the week. Given the correlation between INR and Asian currencies, INR breached 70 to a USD. The slide in EM currencies poses a risk to global growth. For now, global growth indicators were mixed with some moderation in China and Japan. US continued to post stronger growth....
In Q4FY18, MUL delivered 12% topline growth primarily led by higher realisations and consistent volumes. Overall, performance remained in-line with our expectations.
MUNI has a 6% share of India's 480mn meter PVC Leather market. Entry into PU Leather will help MUNI to move into a premium product segment, which has better margins. MUNI is the first company to build such a large capacity in PU Leather. The management expects revenue acceleration going ahead, backed by new...
Mayur Uniquoters (MUL) is one of the largest manufacturers of artificial leather/PVC vinyl in India with ~37million meters (mm) annual capacity and ~8% domestic market...
Mayur witnessed recovery in its business catapulted by growth in domestic sales volume of 32.8% while export sales registered volume growth of 9.7% in Q3FY18. Revenues jumped to Rs 137.99 crs ($21.3m) in Q3FY18 from Rs 108.81 crs ($16.1m) in the previous year (severely marred by...
Recently, the stock price of Mayur Uniquoters Ltd. (Mayur Uniquoters) corrected by ~6% from 52-week high of Rs.479 despite reporting good set of numbers in the recent quarters. In the organized segment of the domestic synthetic leather industry, Mayur Uniquoters has the largest installed capacity with product finding application in footwear, automobile, furnishing and apparels among others. It has total installed capacity of 3.05mn meters per month spread across Jaitpura and Dhodsar near Jaipur, Rajasthan. The company has...
