Motilal Oswal's research report on Allcargo Logistics
Overall revenue increased 22% YoY to INR18.03b v/s our estimate of INR16.6b, led by 22% YoY growth in the MTO segment and 25% growth in the CFS segment. EBITDA increased 20% YoY (-10% QoQ) to INR1.12b, lower than our estimate of INR1.25b. Margins stood at 6.2% (6.3% in 3QFY18). PAT increased 37% YoY to INR477m v/s our estimate of INR642m as the tax rate stood at 38% in 3QFY19 v/s our estimate of 24% (39% in 3QFY18).
Outlook
Valuations of 10.3x/9.2x FY20/21E earnings appear attractive. We value AGLL at 13x FY21E P/E to arrive at a target price of INR142. Maintain Buy.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Read More First Published on Feb 13, 2019 03:33 pm
No comments:
Post a Comment