Add Prism Johnson, target price Rs 126: ICICI Securities

ICICI Securities has add call on Prism Johnson with a target price of Rs 126. The current market price of Prism Johnson Ltd. is Rs 118.5. Time period given by analyst is one year when Prism Johnson Ltd. price can reach defined target.

Prism Johnson Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 5964.78 Crore) operating in Cement sector.

Prism Johnson Ltd. key Products/Revenue Segments include Cement, Sale of services, Scrap, Other Operating Revenue and Export Incentives for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 1816.85 Crore, down -2.67 % from last quarter Total Income of Rs 1866.74 Crore and up 37.97 % from last year same quarter Total Income of Rs 1316.87 Crore. Company reported net profit after tax of Rs -18.80 Crore in latest quarter.

Investment Rationale
The brokerage marginally tweaks FY23-24E EBITDA while raises target price to Rs126/sh (earlier: Rs123/sh) based on 8x FY24E EV/E. Maintain ADD. Key risks: Lower demand/price and higher costs.

Promoter/FII Holdings
Promoters held 74.87 per cent stake in the company as of 30-Jun-2022, while FIIs owned 3.34 per cent, DIIs 5.45 per cent.