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Cera Sanitaryware Research Report - 16th Dec 2015

Miscellaneous | Published on Mar 10th 2012


Cera Sanitaryware Ltd. (CSL) is the third largest sanitary ware company in the organized sector with about 22% market share in India. The company is engaged into manufacturing sanitary ware and faucet ware (commenced since September 2010) products. The company also markets wellness products, which are majorly outsourced. Owing to the changing lifestyle of people, increasing awareness for improving sanitation coverage, expenditure on sanitary ware has been consistently increasing as a percentage of total construction expenditure, thereby providing significant traction for the sanitary ware sector. CSL is trading at an attractive PE of 7.6x and EV/Sales of 0.9x on FY2013E. We recommend Buy on CSL with a target price of Rs289, based on target PE of 10x and implied EV/Sales of 1.1x for FY2013E.

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CMP 220
Target Price 289
Investment Period12 Months

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Shareholding Pattern (%)

Public & Others19.0
Grand Total100.0

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