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Broker Reports

Call Price: ₹1335
5 DEC 19
Target: ₹1553
Change: ₹1310.8 (-1.51%)


Sheela Foam is amongst the top 3 players in the industry and expected to be big beneficiary of the shift in taste following urbanization and changing lifestyle. We observe that shift from unorganized to organized segment is captured largely by economy level mattress whereas superior brands like ‘Sleepwell’ is lagging behind in this transition. Sheela foam has introduced two economy level mattress brands which is leading the volume growth at present. Going forward these brand would face immense pressure from highly competitive industry with very little product differentiation in the given price range.Additionally, e-commerce sales are majorly targeted by startups which are doing pretty well.
While SFL’s has witnessed higher volume growth with aggressive A&P spends and sales driven by economy mattresses, the margins have improved on lower RM prices. The management remains confident of recovery in sales, however sales mix may result in marginal improvement blended realizations in mattresses. Factoring in the revenue contribution from Spain subsidiary, continuing benefit of lower RM prices and lower tax rate we have tweaked the estimates marginally upwards. We maintain a BUY with a target of 1553. (32x FY21E EPS of Rs 48.5)
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Call Price: ₹1257.6
18 OCT 19
Target: ₹1489
Change: ₹1259 (2.86%)


Though margin levers exist, adjusting for the muted outlook in the mattress business we revise down FY20E revenue/EBITDA 3/6%%. However, adjusting for the lower tax rate, we revise PAT up by 3%. We value the standalone business at 40x September 2020E EPS and subsidiaries at 13x September 2020E EPS with revised TP of INR1,489.
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Call Price: ₹1125.94
14 AUG 19
Target: ₹1236
Change: ₹1144 (0.74%)


E-commerce sales are majorly targeted by startups which are doing pretty well. TDI prices have corrected sharply and full benefits are expected to realize in coming quarter, however, on the backdrop of immense competition in the industry, slowdown observed in non-mattress segment and higher expense on aggressive marketing & sales strategies, we trim our FY20E revenue/PAT estimates by 7%/10% and reduce the rating to HOLD. We roll over EPS to FY21E to arrive at target price of Rs 1236 (~ 35x multiple).
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Call Price: ₹1300.5
11 FEB 19
Target: ₹1574
Change: ₹1281.65 (-1.05%)


Call Price: ₹1726.21
19 SEP 18
Target: ₹2039
Change: ₹1281.65 (-1.05%)


Call Price: ₹1681
11 SEP 18
Target: ₹2010
Change: ₹1281.65 (-1.05%)


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