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Change Change %
-4.00 -0.35%

Updated:23 Apr, 2018, 15:53 PM IST

Change Change %
-1.55 -0.14%

Updated:23 Apr, 2018, 16:01 PM IST

Research Report Detail

Report Date Call Price@Call Target Price
Stop Loss
Current Status Time Horizon
Reliance Securities
22-08-2017 Buy 1096.50 1316.00
Target Hit Long (1Y)

Reliance Securities maintains buy on Emami

We believe that adverse impact of GST is transitory in nature and will correct itself in coming quarters with steady up-stocking by the trade, good monsoons and other favourable macroeconomic factors. We expect the Company to witness a gradual recovery in 2QFY18 and a full-fledged recovery from 3QFY18 onwards. Emami is expected to post consolidated sales of Rs27.3bn and Rs31.4bn and adjusted net profit of Rs6.7bn and Rs8bn in FY18E and FY19E, respectively. Based on estimated adjusted EPS of Rs35.3, the stock currently trades at reasonable valuation of 31.4x FY19E earnings. We maintain our BUY recommendation on the stock with a revised rolled forward Target Price of Rs1316, based on 35x June'19 earnings. 

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