Networth Stock Broking is bullish on Aarti Industries (AIL) and has recommended buy rating on the stock with a target of Rs 415 in its research report dated March 09, 2015.
"Aarti Industries (AIL) - a leading manufacturer and global supplier of speciality chemicals having diversified end-uses in agrochemicals, pharmaceuticals, polymer, pigments, etc – has a sustainable business model in place for a profitable growth. AIL operates in three segments – Speciality chemicals (82.5% of FY15E revenue), Pharmaceuticals (10.0% of FY15E revenue), and Home & Personal Care chemicals (7.5% of FY15E revenue). With presence of number of levers to drive growth, AIL is expanding existing capacities where it already has global leaderships, venturing into new chemistries with firm off-take commitments, and targeting higher utilization of pharmaceutical facilities. We expect AIL's revenue to grow at a CAGR of 14.0%, EBITDA to grow at a CAGR of 19.9% and PAT to grow at a CAGR of 27.1% during FY15-17 period."
"At CMP of Rs 296, AIL's stock is trading at 9.8x FY16E EPS & 6.5x FY16E EV/EBITDA and 8.0x FY17E EPS and 5.5x FY17E EV/EBITDA. We recommend a 'BUY' on AIL's stock with a price target of Rs 415. At our target price, AIL's stock will trade at 11.2x FY17E EPS and 7.0x FY17E EV/EBITDA. Key risks are: Foreign exchange, benzene price (short-term risk) and SHE regulations", says Networth Stock Broking research report.
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