Promoters held 63.3 per cent stake in the company as of June 30, 2020, while FIIs held 7 per cent, DIIs 12.5 per cent and public and others 17.2 per cent.
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Promoters held 63.3 per cent stake in the company as of June 30, 2020, while FIIs held 7 per cent, DIIs 12.5 per cent and public and others 17.2 per cent.
ICICI Securities has given a buy rating to Prince Pipes with a target price of Rs 295. The share price moved down by 3.20 per cent from its previous close of Rs 196.60. The stock’s last traded price is Rs 190.30.
Investment Rationale The brokerage expects PPF’s revenue/EBITDA/PAT to grow at CAGR of 5.3%/8.3%/9.5% over FY20-FY22E, respectively. Recent equity dilution through IPO in Dec’19 and incremental large capex in FY21 is likely to put pressure on its RoCEs in the near term. However, steadily improving governance, expected premium positioning and ramping up of Telangana facility would drive higher RoCEs in medium to long term. Considering the perception makeover, it believes, PPF’s re-rating is inevitable with the stock trading at a significant discount versus its major peers - ASTRA and SI. Promoter/FII Holdings Promoters held 63.3 per cent stake in the company as of June 30, 2020, while FIIs held 7 per cent, DIIs 12.5 per cent and public and others 17.2 per cent.
