Add Page Industries, target price Rs 22,000: ICICI Securities

Page Industries Ltd., incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 21194.54 Crore) operating in Apparels sector.

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Promoters held 48.3 per cent stake in the company as of June 30, 2020, while FIIs held 26.2 per cent, DIIs 12.7 per cent and public and others 12.8 per cent.
ICICI Securities has given an add rating to Page Industries with a target price of Rs 22,000. The share price moved down by 1.89 per cent from its previous close of Rs 19,145.35. The stock’s last traded price is Rs 18,783.20.

Page Industries Ltd., incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 21194.54 Crore) operating in Apparels sector.

Financials
For the quarter ended 30-06-2020, the company reported a Standalone sales of Rs 284.80 Crore, down 47.38 % from last quarter Sales of Rs 541.26 Crore and down -65.89 % from last year same quarter Sales of Rs 834.96 Crore Company has reported net profit after tax of Rs -39.55 Crore in latest quarter.

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Investment Rationale
The brokerage has increased earnings estimates by 5-8%; modelling revenue / EBITDA / PAT CAGR of 9% / 14% / 15% over FY20-22E. It has upgraded to ADD (from HOLD) with a DCF-based revised target price of Rs22,000 (Rs19,000 earlier). At the target price, the stock will trade at 48x P/E multiple Sept’22E. Key downside risks are potential labour issues in the state of Karnataka (high concentration of manufacturing facilities).

Promoter/FII Holdings
Promoters held 48.3 per cent stake in the company as of June 30, 2020, while FIIs held 26.2 per cent, DIIs 12.7 per cent and public and others 12.8 per cent.
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