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RELAXO Share Price Target
Relaxo Footwears Ltd.
Sector: Leather
Sector: Leather
RELAXO Share Price *
609.75 -3.35 (-0.55%)
* (quote may be delayed)
RELAXO Share Price Forecast - Consensus
| No. of reports in last year | 10 |
| No. of analysts | 3 |
| Average Consensus Forecast | 506.95 |
| Consensus Potential | -23.11% |
RELAXO Share Price Target - Broker Reports - 2019
Dolat Capital
5-Nov-19
Price @ Call: 564.41
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
5-Nov-19
Price @ Call: 564.41
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).
Sharekhan
13-Aug-19
Price @ Call: 431.5
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
9-Aug-19
Price @ Call: 430.96
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.
Sharekhan
7-Aug-19
Price @ Call: 435.31
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
29-May-19
Price @ Call: 417.45
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.
Dolat Capital
14-May-19
Price @ Call: 397.28
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.
Sharekhan
14-May-19
Price @ Call: 397.28
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
8-Feb-19
Price @ Call: 371.28
Target: 430
BUY
Karvy Stock Broking
8-Feb-19
Price @ Call: 365
Target: 455.5
BUY
RELAXO Share Price Target - Broker Reports - 2018
Sharekhan
1-Oct-18
Price @ Call: 366.45
Target: 456.5
BUY
Dolat Capital
7-Aug-18
Price @ Call: 414.75
Target: 447
BUY
Sharekhan
7-Aug-18
Price @ Call: 414.75
Target: 456.5
BUY
Dolat Capital
5-Feb-18
Price @ Call: 586.47
Target: 655
ACCUMULATE
RELAXO Share Price Target - Broker Reports - 2017
Sharekhan
27-Sep-17
Price @ Call: 505.3
Target: 560
BUY
Sharekhan
11-Aug-17
Price @ Call: 485.1
Target: 560
BUY