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CCL Consensus Forecast

No. of reports in last year
No. of analysts
Average Consensus Forecast
Consensus Potential

CCL Price Target Potential

Axis Direct198-24.09%
CD Equisearch30719.97%

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CCL Ratings

Long term CCL rating by FrontPage users
5/5 (4 Ratings)

7 CCL share price target reports by brokerages below. See what is analyst's view on CCL share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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CCL Share Price Target

CCL Share Price Target - Broker Reports - 2020

Price @ Call: 169.33
Target: 198
 We remain positive on CCLPs strong business moat, market leadership in Instant Coffee production/exports and foray into branded retail business. Factoring in the rapid rise in COVID-19 cases in majority of CCLP’s client countries (Europe, US) and worsening situation in ASEAN countries there is uncertainty on volume growth in the near term, hence we revise our FY20/21/22 EPS estimates lower by 5%/6%/3%with Revenue/EBITDA/PAT CAGR of 9%/12%/13% over FY19-22E leading to revision in TP at Rs. 198 (earlier Rs. 293) valuing it at 11.9x P/E on FY22E EPS. Retain ‘BUY’, with an upside of 22%. However, there could be further downside risks to our estimates given the rapidly evolving COVID-19 situation on the ground in CCLP’s key markets.
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Price @ Call: 243
Target: 293
CCL Products (CCLP) posted a robust consol. revenue growth at Rs 303Crs up 29% YoY primarily aided by healthy India operations. Operating EBITDA increased by 55% YoY to Rs. 84Crs along with margin expansion of 460bps to 27.8% in Q3FY20. The strong operating performance was owing to healthy volume growth; 389bps GM expansion to 51.2% and improved product mix (higher share of Freeze Dried Coffee –FDC backed by rise in utilization). Consol. PAT increased by 44% YoY offset by higher tax rates (at 32%). CCLPs domestic business earned revenue of Rs. 65cr in 9MFY20 owing to continued traction in its Branded Retail business. For FY20E, management targets to achieve Rs. 100Crs revenue from the domestic business which includes branded retail division. For 9MFY20, Vietnam operations remained flattish and we expect improvement from FY21 onwards led by better utilizations at its Vietnam ops. During 9MFY20, MEIS Scheme benefit stood at 5% vs 7% earlier. Despite removal of MEIS benefit, management maintained its 10-15% volume growth guidance for FY20E.
We remain positive on CCLPs strong business moat, market leadership in Instant Coffee production/exports and foray into branded retail business. Factoring in the higher than expected utilization levels at its plants and increasing share of value added products (small packs, FDC) we revise our FY20 estimates upwards by 3% and roll over to FY22 with Revenue/EBITDA/PAT CAGR of 14.5%/21%/22% over FY19-22E leading to an upward revision in TP at Rs. 293 (earlier Rs. 254) valuing it at 17x P/E on FY22E EPS. Retain ‘BUY’.
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Price @ Call: 222.15
Target: 307
The stock currently trades at 17x FY20e EPS of Rs 13.05 and 14.4x FY21e EPS of Rs 15.46. Improved overall capacity utilization in India next fiscal (~ 85%) coupled with stabilization of freeze dried capacity would anything but suppress margins. Its Switzerland operations have shown traction this fiscal with bagging of new supermarket business. Yet growing capacities of instant coffee in several countries could depress price, thus entailing need for enhanced value addition. On balance, we advise buying the stock with revised target of Rs 309 (previous target: Rs 321) based on 20x FY21e earnings (forward peg ratio: 1.3) For more info refer to our May report.
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CCL Share Price Target - Broker Reports - 2019

Price @ Call: 206.43
Target: 254
However, factoring in the near term growth challenges, lower than expected utilization rates we trim our EPS estimates for FY20E/21E by 3%/11% resp. Accordingly we expect, Revenue/EBITDA/PAT CAGR of 11%/12%/13% over FY19-21E vs earlier estimated 16%/19%/20% driven by 10% volume CAGR, higher share of value added products (FDC & Small Packs). Margin expansion to 23% by FY21 owing to scale benefits and higher margin products.Stable ROE at 19.3% over FY19-21E driven by 13% earnings CAGR over FY19-21E. Our revised target price is Rs. 254 (Rs 284 earlier) 25% upside caused by our downward revision in estimates. We continue to value the stock at 17x P/E on its FY21E EPS. Retain ‘BUY’ rating on the stock.
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Price @ Call: 221.1
Target: 315
Factoring the seasonality of demand coupled with increase in budgetary expense pertaining to advertisement needs in the retail space, we expect margin to remain subdued in Q3FY20 as well. Hence, factoring in the weak performance in H1FY20 coupled with subdued margin going forward, we trim FY20/21E EPS 12%/9%. We maintain ‘BUY’ with revised TP of INR315.
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Price @ Call: 238.27
Target: 284
We expect, CCL Products to post Revenue/EBITDA/PAT CAGR of 16%/19%/20% over FY19-21E driven by; Volume growth (capacity additions at India & Vietnam). Transition to higher margin value added products (FDC, Small Packs). EBITDA Margin expansion of 120 bps to 23.9% in FY21E over FY19 aided by value added products and B2C business. ROE to further improve from 19.6% in FY19 to 21.2% in FY21E. We initiate coverage on CCL Products with "BUY“ rating with a 15-18 months target price of Rs.284/share valuing it at 17x FY21 P/E
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Price @ Call: 238.59
Target: 330
Commissioning of the freeze dry plant and a favourable change in product mix would drive up FY19-21E EPS CAGR to 13% in our view. Addition of new customers would compensate for the loss of customers in Q4FY19. All in all, we maintain ‘BUY’ with a TP of INR330 based on 24x June2020E EPS.
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Price @ Call: 260.95
Target: 321
The stock currently trades at 22.5x FY19 EPS of Rs 11.64 and 18.7x FY20e EPS of Rs 13.97. Setting up agglomeration unit in India is aimed at enhanced value addition for agglomerated products generally command 4-5% higher margins compared to spray dried products. Customization holds key for margin gap between bulk and small packs vary widely. Thanks to enhanced value addition and increased volumes, earnings would growth in high teens in current fiscal. On balance, we retain our buy recommendation on the stock with revised target of Rs 321 (previous target: Rs 349) based on 23x FY20e earnings (average three year historical P/E:~28x), over a period of 6 months.
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Price @ Call: 261.06
Target: 342
Although the overall coffee market has been facing excess supply challenge, very few players like CCL have superior R&D, product development capabilities and long-term client relationships. Considering the factors stated above, ongoing expansion and the fact that management maintains its growth outlook based (9MFY19 EBITDA already up 16% YoY), we believe that CCL’s underlying growth in the medium term will be in line with the long-term average. This, we believe is also reflected in the stock price, which declined from its top and is now available at an attractive valuation. The management stuck to its previous guidance of total US$20mn capex for FY20E (5,000tn agglomeration and 3,000tn packing capacity in total India capacity of 8,000tn and line balancing capacity in Vietnam of 3,500tn). After this capex, we expect better profitability on account of higher realisation.
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CCL Share Price Target - Broker Reports - 2018

Price @ Call: 271.5
Target: 310
Price @ Call: 259.25
Target: 300
Price @ Call: 271.5
Target: 349
Price @ Call: 270.4
Target: 384
Price @ Call: 284.85
Target: 384
Price @ Call: 296.95
Target: 427
Price @ Call: 273.37
Target: 437
Price @ Call: 304.26
Target: 360

CCL Share Price Target - Broker Reports - 2017

Price @ Call: 337.55
Target: 387
Price @ Call: 279
Target: 291
Price @ Call: 286
Target: 337
Price @ Call: 357
Target: 365

CCL Share Price Target - Broker Reports - 2016

Price @ Call: 214.9
Target: 238
Price @ Call: 234.3
Target: 234.4
Price @ Call: 261
Target: 295
Price @ Call: 246.65
Target: 304
Price @ Call: 246
Target: 270
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  • CCL Share Price Target Today- Technical Pivot Points (Classic)

    Upside Target 3256.7
    Upside Target 2252.7
    Upside Target 1249.2
    Downside Target 1241.7
    Downside Target 2237.7
    Downside Target 3234.2
  • CCL Share Price Target weekly- Technical Pivot Points (Classic)

    Upside Target 3268.7
    Upside Target 2255.85
    Upside Target 1248.3
    Downside Target 1227.9
    Downside Target 2215.05
    Downside Target 3207.5
  • CCL Share Price Target monthly- Technical Pivot Points (Classic)

    Upside Target 3315.48
    Upside Target 2285.47
    Upside Target 1260.03
    Downside Target 1204.58
    Downside Target 2174.57
    Downside Target 3149.13
  • CCL Share Price Target today- Technical Pivot Points (Fibonacci)

    Upside Target 3252.7
    Upside Target 2249.84
    Upside Target 1248.07
    Downside Target 1242.34
    Downside Target 2240.57
    Downside Target 3237.7
  • CCL Share Price Target weekly- Technical Pivot Points (Fibonacci)

    Upside Target 3255.85
    Upside Target 2248.06
    Upside Target 1243.24
    Downside Target 1227.66
    Downside Target 2222.84
    Downside Target 3215.05
  • CCL Share Price Target monthly- Technical Pivot Points (Fibonacci)

    Upside Target 3285.47
    Upside Target 2264.28
    Upside Target 1251.2
    Downside Target 1208.83
    Downside Target 2195.75
    Downside Target 3174.57
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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