Somany Ceramics Ltd Research Report By Karvy

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March 30, 2015 at 10:03 pm #1933

Vidhi Khanna
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Somany is expected to post CAGR growth of 18% for the period FY14-17E on the back of capacity addition and better product mix. EBITDA margins likely to expand by 46 bps to 7.13% in FY17E. RoE is expected to increase to 22.48% by FY17E. At CMP of Rs.371, stock is trading at 17.8x FY17E EPS of 20.81. We value the company at 21x which is the two year average PE multiple of FY17E EPS and recommend a “BUY” rating for target price of Rs. 437, representing an upside of 18% for the holding period of 9 – 12 months.

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