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CEATLTD Share Price Target
Ceat Ltd.
Sector: Tyres
Sector: Tyres
CEATLTD Share Price *
962 -7.95 (-0.82%)
* (quote may be delayed)
CEATLTD Share Price Forecast - Consensus
| No. of reports in last year | 9 |
| No. of analysts | 4 |
| Average Consensus Forecast | 1016.67 |
| Consensus Potential | 1.07% |
CEATLTD Share Price Target - Broker Reports - 2019
Prabhudas Lilladher
24-Oct-19
Price @ Call: 969.15
Target: 827
SELL
Given the various capacity expansions (FY20E capex guided at ~Rs12.5bn) in a muted demand scenario, stable RM, reversal for employee bonus provisionand management’s focus on OEMs (mix to rise by 4-5% towards OEMs for utilization of new capacity coming in PCR segment), we expect margins to remain under pressure ahead. Further increased capex intensity to also result in negative FCF over FY20-21E. Consequently, we downgrade the stock to‘Sell’ with a price target of Rs827 (earlier Rs807) based on 15x Sep-21 Consol EPS.
Prabhudas Lilladher
2-Aug-19
Price @ Call: 808.67
Target: 757
REDUCE
Given the various capacity expansions (FY20E capex guided at ~Rs13bn) in a muted demand scenario, anticipated rise in raw material costs (particularly natural rubber, up ~17% YoY) and management’s focus on OEMs (mix to rise by 4-5% towards OEMs for utilization of new capacity coming in PCR segment), we expect margins to remain under pressure ahead. We maintain ‘Reduce’ witha lower TP of Rs757, based on 14x FY21E Consol EPS.
Prabhudas Lilladher
12-Jun-19
Price @ Call: 974
Target: 886
REDUCE
We expect margins to subside from current levels and hence, taper our margin expectations for FY20/21E by 40/80bps to 8.9%/8.8% respectively. We cut our valuation multiple, downgrading the stock to ‘Reduce’ with a TP of Rs886, based on 14xFY21E (earlier 15xFY21E) Consol EPS.
Reliance Securities
8-May-19
Price @ Call: 1053.72
Target: 875
REDUCE
we expect CEAT’s operating performance to remain under pressure due to limited pricing power. Moreover, higher debt in B/S due to high capex over the next 2 years may prove to be major headwind for the stock in the medium-term. In view of lower volume, margin pressure, higher depreciation and interest expenses for higher debt, we cut our EPS estimates by 22%/6% for FY20E/FY21E. We expect down-cycle for automobile industry in FY21 and stock to underperform. Maintaining our P/E valuation multiple at 12.5x factoring lower return ratios on higher capex, we maintain our REDUCE recommendation on the stock with a revised Target Price of Rs875 (from Rs930 earlier), valuing it at 12.5x FY21E EPS.
Prabhudas Lilladher
8-May-19
Price @ Call: 1053.72
Target: 1100
HOLD
Given CEAT’s upcoming new capacities for the TBR, PCR and 2W segments over the current fiscal (TBR capacity commissioned in Jan’19) along with anticipated rise in raw material costs (with crude prices and international rubber prices moving up, domestic rubber production to slowdown), margins too are expected to remain under pressure over FY20/21E. Hence we taper our margin expectations for FY20/21E by 50/40bps at 9.3/9.6% respectively and downgrade to ‘Hold’ with a target price of Rs1,100 based on 15x Mar’21E consolidated EPS. The stock is currently trading at 15.4x FY20E & 14.4x FY21E consol EPS.
Dolat Capital
4-Feb-19
Price @ Call: 1087.21
Target: 1227
ACCUMULATE
Reliance Securities
2-Feb-19
Price @ Call: 1100.73
Target: 930
REDUCE
Prabhudas Lilladher
31-Jan-19
Price @ Call: 1082
Target: 1178
ACCUMULATE
Motilal Oswal
30-Jan-19
Price @ Call: 1117.6
Target: 1370
BUY
CEATLTD Share Price Target - Broker Reports - 2018
Prabhudas Lilladher
29-Oct-18
Price @ Call: 1106.45
Target: 1255
BUY
Motilal Oswal
27-Oct-18
Price @ Call: 1063.01
Target: 1343
BUY
Prabhudas Lilladher
24-Jul-18
Price @ Call: 1324.58
Target: 1451
ACCUMULATE
Motilal Oswal
24-Jul-18
Price @ Call: 1324.2
Target: 1588
BUY
Edelweiss
24-Jul-18
Price @ Call: 1324.2
Target: 1605
BUY
Cholamandalam Securities
24-Jul-18
Price @ Call: 1324.2
Target: 1899
BUY
Reliance Securities
21-Jun-18
Price @ Call: 1333.9
Target: 1750
BUY
Prabhudas Lilladher
16-Jun-18
Price @ Call: 1341.87
Target: 1451
ACCUMULATE
Edelweiss
15-Jun-18
Price @ Call: 1344.65
Target: 1649
BUY
Motilal Oswal
15-Jun-18
Price @ Call: 1344.65
Target: 1845
BUY
Dolat Capital
10-May-18
Price @ Call: 1468.1
Target: 1722
ACCUMULATE
Motilal Oswal
3-May-18
Price @ Call: 1595.85
Target: 1845
BUY
Edelweiss
3-May-18
Price @ Call: 1595.85
Target: 1839
BUY
Prabhudas Lilladher
2-May-18
Price @ Call: 1618.22
Target: 1711
ACCUMULATE
Prabhudas Lilladher
15-Mar-18
Price @ Call: 1596
Target: 1954
ACCUMULATE
Prabhudas Lilladher
5-Feb-18
Price @ Call: 1650.3
Target: 1954
ACCUMULATE
Edelweiss
5-Feb-18
Price @ Call: 1613.88
Target: 1918
BUY
Motilal Oswal
2-Feb-18
Price @ Call: 1720.84
Target: 1899
BUY
CEATLTD Share Price Target - Broker Reports - 2017
Reliance Securities
12-Dec-17
Price @ Call: 1754
Target: 2030
BUY
Prabhudas Lilladher
16-Nov-17
Price @ Call: 1746.35
Target: 1973
ACCUMULATE
Motilal Oswal
16-Nov-17
Price @ Call: 1746.35
Target: 2116
BUY
Reliance Securities
7-Nov-17
Price @ Call: 1789.5
Target: 2030
BUY
KRChoksey
7-Aug-17
Price @ Call: 1783
Target: 1898
ACCUMULATE
Edelweiss
4-Aug-17
Price @ Call: 1740
Target: 2000
BUY
Motilal Oswal
4-Aug-17
Price @ Call: 1734
Target: 2029
BUY
KRChoksey
6-Jul-17
Price @ Call: 1865.3
Target: 2060
ACCUMULATE
KRChoksey
3-May-17
Price @ Call: 1588
Target: 1766
ACCUMULATE
Motilal Oswal
28-Apr-17
Price @ Call: 1521
Target: 1741
BUY
Edelweiss
11-Apr-17
Price @ Call: 1436
Target: 1779
BUY
Motilal Oswal
16-Feb-17
Price @ Call: 1086
Target: 1406
BUY
Religare
8-Feb-17
Price @ Call: 1163.45
Target: 1275
BUY
ICICIdirect.com
8-Feb-17
Price @ Call: 1163
Target: 1429
BUY
CEATLTD Share Price Target - Broker Reports - 2016
Religare
9-Nov-16
Price @ Call: 1308.8
Target: 1375
BUY
Edelweiss
8-Nov-16
Price @ Call: 1309
Target: 1590
BUY
Prabhudas Lilladher
8-Nov-16
Price @ Call: 1306
Target: 1445
BUY
Prabhudas Lilladher
20-Sep-16
Price @ Call: 1128
Target: 1310
BUY
AnandRathi
9-Sep-16
Price @ Call: 1040
Target: 1310
BUY
Religare
1-Aug-16
Price @ Call: 862.4
Target: 1150
BUY
Religare
28-Jun-16
Price @ Call: 814.3
Target: 1120
BUY
JM Financial
29-Apr-16
Price @ Call: 1159
Target: 1200
BUY
Religare
13-Apr-16
Price @ Call: 1125.05
Target: 1300
BUY