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PARAGMILK

7012345678950123456789.2012345678950123456789
-0.30 (-0.40%)

NSE Volume

2.7L+

Broker Reports

Call Price: ₹143.05
25 OCT 19
Target: ₹200
Change: ₹142.55 (0.39%)

HOLD

Parag Milk Foods is anticipated to post strong growth in value added products on the back of its diversified product basket, strong brands and wide distribution network. Further, PMFL would benefit from a shift in mix in favor of the organized market for dairy products. At the current market price, the company trades at a P/E of 7.4x its FY2021E EPS. Thus, we maintain our Hold recommendation on PMFL.
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Call Price: ₹132.95
26 AUG 19
Target: ₹276
Change: ₹139.8 (5.15%)

BUY

A robust VADP portfolio, product launches and margin levers underpin our ~14% CAGR in sales over FY19–21 and 60bps expansion in EBTIDA margin to 9.9%. We maintain ‘BUY’ with a TP of INR276 (16x Q3FY21).
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Call Price: ₹181.35
8 AUG 19
Target: ₹304
Change: ₹168.65 (-2.94%)

BUY

Parag Milk Foods is anticipated to post strong growth in value added products on the back of its diversified product basket, strong brands and wide distribution network. Further, PMFL would benefit from a shift in mix in favor of the organized market for dairy products. At the current market price, the company trades at a P/E of 9.4x its FY2021E EPS. Thus, we maintain our Buy recommendation on PMFL with Target Price of `304.
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Call Price: ₹239
17 MAY 19
Target: ₹366
Change: ₹261.3 (1.73%)

BUY

Parag has reported high growth by expanding into North & East India while keeping working capital under control. As the company reduces SMP salience and increases liquid milk or VAD salience in FY20E, margin should move up to 10%. We assume an EBITDA margin of 9.9%, up 90bp, led by gross margin expansion and operational leverage. We reiterate Buy with a TP of INR 366 based on 11.5x FY20E EV/EBITDA.
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Call Price: ₹238.65
15 MAY 19
Target: ₹342
Change: ₹261.3 (1.73%)

BUY

In the backdrop of increasing milk procurement prices, we are fine tuning our revenue and profitability estimates. We expect Parag to post Revenue CAGR at 22% during FY19-21 compared to 21% earlier. Going forward, aggressive expansion of distribution network & inorganic growth is expected to aid revenue growth (acquisition of Danone India's dairy plant at Sonepat, Haryana in FY'18). EBITDAM is estimated to take a knock of 150 bps to 9.5% for FY'20 as well as FY'21 as company needs to spend aggressively behind advertising and sales promotion to grow its health and nutrition business. EPS is estimated to compound 30% annually during FY'19 -'21 compared to earlier estimated 34%. At CMP of 235, the stock is trading at 10.3x FY'21E EPS. We maintain BUY with a revised target of INR 342(from earlier 453 ) at which stock will trade at 15x FY'21E EPS.
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Call Price: ₹236.56
14 MAY 19
Target: ₹305
Change: ₹261.3 (1.73%)

BUY

There is no material change to our EPS estimate for FY20/21. Estimated profit growth (EPS CAGR of 14% over FY19-FY21E) is moderate for PARAG’s size, but the balance sheet improvement is taking place ahead of expectation. There has been a marked improvement on the working capital front, with NWC days down to 68 in FY19 from 72 in FY18. The overall return profile will also likely improve as capex requirement will largely pertain to maintenance over the next two years. We value PARAG at 15x FY21E EPS (at ~65% discount to our consumer staples universe) to arrive at a one-year TP of INR305 (30% upside). Maintain Buy.
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Call Price: ₹246.4
4 APR 19
Target: ₹366
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹207.7
12 FEB 19
Target: ₹359
Change: ₹261.3 (1.73%)

BUY

Parag Milk Foods is anticipated to post strong growth in value added products on the back of its diversified product basket, strong brands and wide distribution network. Further, PMFL would benefit from a shift in mix in favor of the organized market for dairy products. At the current market price, the company trades at a P/E of 11.8x its FY2020E EPS. Thus, we maintain our Buy recommendation on PMFL with Target Price of Rs 359.
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Call Price: ₹204.9
5 FEB 19
Target: ₹274
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹204.9
5 FEB 19
Target: ₹260
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹255.63
29 OCT 18
Target: ₹329
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹266.68
2 NOV 18
Target: ₹278
Change: ₹261.3 (1.73%)

NEUTRAL

Call Price: ₹249.95
17 APR 18
Target: ₹333
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹271.44
12 MAR 18
Target: ₹330
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹297.6
12 FEB 18
Target: ₹390
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹303.5
4 JAN 18
Target: ₹400
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹241.75
5 DEC 17
Target: ₹340
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹257
8 NOV 17
Target: ₹275
Change: ₹261.3 (1.73%)

NEUTRAL

Call Price: ₹239.25
17 AUG 17
Target: ₹274
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹237
1 JUN 17
Target: ₹274
Change: ₹261.3 (1.73%)

HOLD

Call Price: ₹213
15 FEB 17
Target: ₹264
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹267
4 JAN 17
Target: ₹342
Change: ₹261.3 (1.73%)

BUY

Call Price: ₹325.1
12 AUG 16
Target: ₹340
Change: ₹261.3 (1.73%)

NEUTRAL

Call Price: ₹329.6
12 JUL 16
Target: ₹425
Change: ₹261.3 (1.73%)

HOLD

About
Parag Milk Foods Ltd. NSE: PARAGMILK | BSE: 539889 | ISIN: INE883N01014 | Sector: Food Processing
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