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Accumulate Atul over a period of 6-9 months -
Accumulate Atul over a period of 6-9 months
CD Equisearch Pvt Ltd | Published: 14 Feb, 2018  | Source :

The stock currently trades at 28.4xFY18e EPS of Rs  96.57 and 23.8x FY19e EPS  of  Rs  115.50.  Growth  in  Atul's  illustrious  crop protection  business (volume  growth:  22%  last  fiscal)  would  come  from  deepening  market penetration  in  Africa  and  South  America  and  increasing  its  brand  sales.

Ostensibly, turnaround in its colors business would also spur earnings next fiscal (estimated to grow by 19.6%). MCA project with Akzo Nobel would gradually start to unfold next fiscal. On balance we retain our accumulate rating on the stock with target of Rs 3234 (previous target: Rs 3033) based on 28x FY19e earnings (forward peg: 1.4; currently at ~28x FY18e earnings) over a period of 6-9 months.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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