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CMP : 34Target Price : 45

S. Kumars Nationwide Ltd. (SKNL) is one of the leading textile and apparel companies in India catering to various segments ranging from economy to premium. The company has also extended its presence globally by acquiring Leggiuno in Italy and Hart Schaffner Marx (HMX) in the U.S. In addition, it has entered an 80:20 JV with Louis Vuitton ..

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CMP : 312Target Price : 376

Mahindra Lifespaces Developers (MLIFE) is a mid and premium housing developer catering to strong demand in tier-1 cities and small metros in the country. Apart from real estate development, MLIFE also operates two integrated business cities – Mahindra World City (MWC) Chennai and Jaipur [special economic zones (SEZ) and domestic tariff ar..

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May 16th 2012

Cravatex

CMP : 655
Target Price : 800

Cravatex Ltd. (Cravatex) is a market leader in providing fitness equipment distribution under its brand Proline Fitness and represents the 100-year old Italian brand, FILA, in India. Cravatex has recently acquired sub-license to distribute the products of FILA in the United Kingdom (UK) and Ireland. The company has also been forming strat..

Mar 26th 2012

Jyothy Laboratories

CMP : 169
Target Price : 248

Jyothy Laboratories Ltd. (JLL), a company having three brands, is set to transform into a multi-brand company with the acquisition of an 83.7% stake in Henkel India (Henkel), which owns seven brands. As a result of this synergy, we expect JLLs consolidated revenue to post a CAGR of 35% to Rs1,627cr and profit to post a CAGR of 36% to Rs16..

Mar 10th 2012

Cera Sanitaryware

CMP : 220
Target Price : 289

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 chan..

Jan 14th 2012

Abbott India

CMP : 1,434
Target Price : 1,852

Abbott India (AIL), a 50.44% subsidiary of Abbott Capital India Ltd., UK, is involved in the manufacture and marketing of pharmaceutical, diagnostic, nutritional and hospital products. Consolidation of Solvay Pharma India Ltd. (SPIL) with the company is expected to improve operating efficiencies, leading to expansion of EBITDA margin and ..

CMP : 84
Target Price : 97

Tata Global Beverages Limited (TGBL) is an emerging player in the global beverage market. The company has made a strategic shift from being a local tea company to a global beverage company through various acquisitions and strategic partnerships with global beverage giants like PepsiCo and Starbucks. As a result, the company has made an en..

CMP : 189
Target Price : 245

Ashoka Buildcon (ABL), traditionally a state player, has transformed into a national player by winning four NHAI projects totaling to a TPC of ~Rs5,156cr. However, this transition has come at a cost, as it entails premium commitments to NHAI (~Rs220cr per year, albeit covered by toll collections during the construction period) and huge eq..

Oct 05th 2011

INEOS ABS (India)

CMP : 559
Target Price : 702

Ineos ABS India (INEOS), an 83% subsidiary of Ineos Global Group, is Indias leading manufacturer of an engineering plastic named acrylonitrile butadiene styrene (ABS). On the back of capacity expansion and product development, the top line of the company is expected to grow at a CAGR of 19% during CY2010-12E. The business of the company i..

Sep 21st 2011

TVS Srichakra

CMP : 355
Target Price : 468

TVS Srichakra Ltd. (TVSSL), a part of TVS Group, is a leading manufacturer of two and three-wheeler tyres with a 25% market share. Two-wheeler demand growth (~16% yoy YTD) continues to be insulated from the current slowdown in the automobile sector. Given this growth and increased installed capacity of automotive tyres by 170% to 3.3cr un..

Jul 22nd 2011

NIIT

CMP : 56
Target Price : 69

For 1QFY2012, NIIT reported a decent performance, which was in-line with our expectations. Revenue growth was driven by all businesses, but operational performance was dented due to the SLS business, which posted a 472bp yoy dip in EBITDA margin. We have valued NIIT on an SOTP basis, arriving at a target EV/EBITDA of 4.3x on FY2013E conso..

CMP : 377
Target Price : 458

Britannia Industries (Britannia) is a dominant player in the Indian biscuits market with ~35% market share. The company has a balanced portfolio with seven super brands namely Tiger, Milk Bikis, Good Day, Treat, Marie Gold, 50-50 and NutriChoice. The stock currently trades at 0.8x its FY2013 EV/sales, which is at ~27% discount to its five..