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Havells India: Expanding share in the electrical sector in India; Upgrade to Buy - IndiaNotes.com
Havells India: Expanding share in the electrical sector in India; Upgrade to Buy
Motilal Oswal | Published: 06 Dec, 2017  | Source : IndiaNotes.com

Upgrade to Buy; retain TP at INR590 (35x Dec’19 EPS): We expect HAVL to report21% EPS CAGR over FY17-20, with EBITDA margin expanding 40bp to 13.8%. Withthe Lloyd acquisition, HAVL has turned itself into a complete electricals anddurables behemoth, and is well positioned to tap into the under-penetrated Indianmarket. Our target price is based on 35x Dec’19 EPS (in line with CromptonConsumer Electricals).


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About Motilal Oswal

Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.

 

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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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.

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