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Hold Century Plyboards (India); target of Rs 150: ICICI Direct

August 21
21:25 2019

ICICI Direct’s research report on Century Plyboards (India)

Century Plyboard’s (CPIL) topline grew 6.8% YoY to Rs 573.7 crore. Plywood division revenue growth was flattish YoY at Rs 315.7 crore while MDF division revenues grew 31.5% YoY to Rs 91.9 crore. EBITDA margin was flattish YoY at 16.1% on account of better margin growth in the MDF division. Overall, PAT grew 6.0% YoY to Rs 48.1 crore in Q1FY20.

Outlook

We maintain our HOLD recommendation on the stock with a revised target price of Rs 150/share (16x FY21E EPS).

For all recommendations report, click here

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