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Page Industries Research Report - 16th Dec 2015

Apparel | Published on Oct 07th 2010

IT

Page Industries is the exclusive licensee of Jockey International, Inc. (USA). The company manufactures and distributes the JOCKEY® brand of innerwear and leisurewear for men and women in India, Sri Lanka, Bangladesh and Nepal. Considering the companys dominant presence in a fast-growing market, strong brand recall, consistent financial performance and high dividend payout, we believe Page Industries is an ideal contender to get re-rated. Expecting the companys PAT to witness a 28% CAGR over FY2010–12E and considering its robust RoE profile, we have assigned a P/E multiple of 24x for its FY2012E earnings. Hence, we Initiate Coverage on the stock assigning an Accumulate rating with a Target Price of Rs1,392.

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Accumulate

CMP 1,280
Target Price 1,392
Investment Period

Stock Info

MCAP BSE (Rs in Cr)14,921.54
MCAP NSE (Rs in Cr)14,883.19
P/E (x)60.71
EPS (Rs.)220.44
BV (Rs.)541.43
Div Yield (%)0.64
FV (Rs.)10.00
P/BV (x)24.72
EV/Sales (x)8.45
EV/EBITDA (x)49.90

Shareholding Pattern (%)

Promoter49.0
Foreign38.0
Public & Others7.0
Institution5.0
Corporate1.0
Grand Total100.0

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