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RELAXO Consensus Forecast
No. of reports in last year
1
No. of analysts
1
Average Consensus Forecast
1410
Consensus Potential
28.70%
RELAXO Price Target Potential
| Brokerage | Target | Potential |
|---|---|---|
| ICICIdirect.com | 1410 | 28.70% |
RELAXO Ratings
Long term RELAXO rating by FrontPage users
- ★★
- ★★
- ★★
- ★★
- ★★
4.4/5 (5 Ratings)
1 RELAXO share price target reports by brokerages below. See what is analyst's view on RELAXO 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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RELAXO Share Price Target
RELAXO Share Price Target - Broker Reports - 2021
ICICIdirect.com
Price @ Call: 1325
2-Nov-21
Target: 1410
HOLD
Sharekhan
Price @ Call: 1159
27-Aug-21
Target: 1350
BUY
Axis Direct
Price @ Call: 850.05
2-Feb-21
Target: 925
BUY
RELAXO Share Price Target - Broker Reports - 2020
Karvy Stock Broking
Price @ Call: 680.17
3-Nov-20
Target: 710
HOLD
ICICIdirect.com
Price @ Call: 587.75
2-Aug-20
Target: 715
BUY
Given the dominant presence in non-metro cities and being the market leader in value priced segment (in terms of volumes), Relaxo is well placed to further consolidate its market share. Over the years, Relaxo Footwear has maintained balance sheet prudence with controlled working capital cycle (NWC days: 65 days), healthy asset turns of 2.5x and generating RoCE of 20%+. Relaxo, through its strong balance sheet and brand patronage, is expected to tide over the current situation better than small peers. We largely maintain our estimates and bake in revenue & EPS CAGR of 10% & 18%, respectively, in FY20-22E. Given the recent correction in stock price (~20%), we upgrade the stock from HOLD to BUY and maintain our target price of Rs 715 (56.0x FY22E EPS).
Sharekhan
Price @ Call: 725.62
3-Feb-20
Target: 845
BUY
Valuation – Maintain Buy with a revised PT of Rs. 845: We broadly maintain our estimates for FY2020, FY2021 and FY2022. The increase in customs duty on footwear will widen the price difference between imported and domestically manufactured footwear, which augurs well for footwear companies to gain in terms of volumes in the near term. Steady volume growth and consistent improvement in OPM will help Relaxo clock revenue and earnings CAGR of 17.1% and 30.3%, respectively, over FY2019-FY2022. The stock is currently trading at 59.8x its FY2021E earnings and 46.1x its FY2022E earnings. Given the company’s strong business prospects and better earnings visibility, we maintain our Buy recommendation on the stock with a revised PT of Rs. 845 (rolling it forward to FY2022 earnings).
Karvy Stock Broking
Price @ Call: 739.35
6-Feb-20
Target: 809
HOLD
RELAXO Share Price Target - Broker Reports - 2019
Sharekhan
Price @ Call: 564.41
5-Nov-19
Target: 650
BUY
Valuation – We broadly maintain our estimates for FY2020 and FY2021 (we have also introduced FY2022 estimates) as Q2FY2020 performance was better than our expectation in a tough demand environment. The negative impact of Ind-AS 116 on PBT was limited to Rs. 2.1 crore. Capacity expansion will help boost volumes and add to revenue growth. Healthy volume growth and consistent improvement in OPM will help Relaxo clock revenue and earnings CAGR of 17% and 29%, respectively, over FY2019- FY2022. Given the company’s strong business prospects and better earnings visibility, we maintain our Buy recommendation on the stock with a revised PT of Rs. 650 (rolling it forward to average of FY2021 and FY2022 earnings).
Dolat Capital
Price @ Call: 564.41
5-Nov-19
Target: 635
ACCUMULATE
We have revised our FY20E and FY21E estimates to factor in Q2 performance. We value the stock at 55x FY21E EPS to arrive at a TP of` 635.Considering rich valuations, downgrade to Accumulate. (Buy on Dips).
Sharekhan
Price @ Call: 435.31
7-Aug-19
Target: 508
BUY
We have broadly maintained our estimates for FY2020/ FY2021 as Q1FY2020 performance was largely in-line with expectation. The negative impact of Ind AS 116 on PAT in Q1 was around Rs. 2 crore. Roughly, we expect it to be around Rs. 8 crore for FY2020. We expect revenue and earnings to report a CAGR of 18% and 28%, respectively, over FY2019-FY2021. Proposed capacity expansion will help boost the volumes, thus, driving revenue growth. Given the company’s strong business prospects and better earning visibility, we maintain our Buy recommendation on the stock with a revised PT of Rs. 508 (valuing it at 44x FY2021E earnings).
Sharekhan
Price @ Call: 431.5
13-Aug-19
Target: 508
BUY
We have broadly maintained our estimates for FY2020/ FY2021 as Q1FY2020 performance was largely in-line with expectation. The negative impact of Ind AS 116 on PAT in Q1 was around Rs. 2 crore. Roughly, we expect it to be around Rs. 8 crore for FY2020. We expect revenue and earnings to report a CAGR of 18% and 28%, respectively, over FY2019-FY2021. Proposed capacity expansion will help boost the volumes, thus, driving revenue growth. Given the company’s strong business prospects and better earning visibility, we maintain our Buy recommendation on the stock with a revised PT of Rs. 508 (valuing it at 44x FY2021E earnings).
Karvy Stock Broking
Price @ Call: 430.96
9-Aug-19
Target: 472
HOLD
Despite the overall consumption decline particularly in the rural market, Relaxo seems to have managed to maintain good volume growth. We value the stock at 5 year average 1 year fwd P/E of 40x on FY21E EPS of Rs. 11.8. Key risks to the callare intensified competition from unorganized players, slower than expected pickupin demand and rise in raw material prices.
Karvy Stock Broking
Price @ Call: 417.45
29-May-19
Target: 443
HOLD
The stock trades at a one year forward P/E multiple of 43x. We believe the stock warrants premium valuation on the back of lower competition from major players in its space, strong reach, good fundamentals and good track record in penetration into the unorganized space in the smaller cities. We continue to value the stock at 38x on FY21E EPS of Rs. 23.4 and recommend ‘HOLD’. Key risks to the call areintensified competition from unorganized players, slower than expected pickup indemand and rise in raw material prices.
Sharekhan
Price @ Call: 397.28
14-May-19
Target: 484.5
BUY
Maintain Buy with a revised price target of Rs. 969: In view of the drop in OPM during FY2019, we have marginally reduced our earnings estimates for FY2019 and FY2020 by ~4.8% and ~1.4%, respectively. We believe that premiumisation of products, economies of scale and better cost efficiencies at the manufacturing maintain our Buy recommendation with a revised price target (PT) of Rs. 969.
Dolat Capital
Price @ Call: 397.28
14-May-19
Target: 483.5
BUY
View: Double digit volume growth continues. Maintain Buy
Relaxo’s Q4FY19 results came in line with our estimates. For the eighth consecutive quarter, the company was able to report double digit volume growth. We have marginally tweaked our FY20E and FY21E earnings estimate at s 20.3 and Rs 24.2 respectively to factor in Q4 results. We continue to believe that the company would maintain its double digit revenue growth over our investment horizon. Valuing Relaxo at 40x FY21E to arrive at a TP of ` 967. Maintain Buy.
Relaxo’s Q4FY19 results came in line with our estimates. For the eighth consecutive quarter, the company was able to report double digit volume growth. We have marginally tweaked our FY20E and FY21E earnings estimate at s 20.3 and Rs 24.2 respectively to factor in Q4 results. We continue to believe that the company would maintain its double digit revenue growth over our investment horizon. Valuing Relaxo at 40x FY21E to arrive at a TP of ` 967. Maintain Buy.
Dolat Capital
Price @ Call: 371.28
8-Feb-19
Target: 430
BUY
Karvy Stock Broking
Price @ Call: 365
8-Feb-19
Target: 455.5
BUY
RELAXO Share Price Target - Broker Reports - 2018
Sharekhan
Price @ Call: 366.45
1-Oct-18
Target: 456.5
BUY
Sharekhan
Price @ Call: 414.75
7-Aug-18
Target: 456.5
BUY
Dolat Capital
Price @ Call: 414.75
7-Aug-18
Target: 447
BUY
Dolat Capital
Price @ Call: 586.47
5-Feb-18
Target: 655
ACCUMULATE
RELAXO Share Price Target - Broker Reports - 2017
Sharekhan
Price @ Call: 505.3
27-Sep-17
Target: 560
BUY
Sharekhan
Price @ Call: 485.1
11-Aug-17
Target: 560
BUY
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RELAXO Peer Stocks - Share Price Targets
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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