At CMP of Rs.292, Sangam India trades at 15.7x its FY16E EPS of Rs.18.6. Foray into seamless garment segment & successful integration will lead to improvement in financial performance as well as return ratios. We believe stock to trades at 18.5x its FY16E EPS, which gives a target price of Rs.345, thereby providing 18% upside from current level.
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