Polyplex Corporation Ltd., incorporated in the year 1984, is a Small Cap company (having a market cap of Rs 2384.28 Crore) operating in Packaging sector.
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Promoters held 50.7 per cent stake in the company as of June 30, 2020, while FIIs held 3.7 per cent, DIIs 7.2 per cent and public and others 38.5 per cent.
Edelweiss has given buy rating to Polyplex Corporation with a target price of Rs 900. The share price moved down by 0.85 per cent from its previous close of Rs 764.50. The stock’s last traded price is Rs 758.
Polyplex Corporation Ltd., incorporated in the year 1984, is a Small Cap company (having a market cap of Rs 2384.28 Crore) operating in Packaging sector.
Financials For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 1159.59 Crore, down 2.55 % from last quarter Sales of Rs 1189.91 Crore and up 3.80 % from last year same quarter Sales of Rs 1117.09 Crore. The Company reported net profit after tax of Rs 330.12 Crore in latest quarter.
Investment Rationale A strong Q1FY21 prompts up to raise earnings by 9%/12% for FY21/FY22E. Hence, the brokerage has increased the valuation multiple to 3.5x (from 2.7x) FY22E EV/EBITDA, inline with the long term (8 year) average valuation. It maintains ‘BUY’ with a revised TP of Rs 900 (INR590 earlier).
Promoter/FII Holdings Promoters held 50.7 per cent stake in the company as of June 30, 2020, while FIIs held 3.7 per cent, DIIs 7.2 per cent and public and others 38.5 per cent.
