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Hold Elgi Equipments; target of Rs 520: ICICI Direct

ICICI Direct recommended hold rating on Elgi Equipments with a target price of Rs 520 in its research report dated November 08, 2022.

November 11, 2022 / 12:05 PM IST
 
 
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ICICI Direct's research report on Elgi Equipments

Elgi Equipments (Elgi) manufactures a wide range of air compressors (~92% of revenue) and automotive equipment (~8%). Elgi is the second largest player in the Indian air compressor market (~22% market share) and among the top eight players globally • Expansion in new international markets to drive long term incremental growth (rest of the world contributed ~50% in FY22).

Outlook

We remain long term positive on the stock but rich valuations cap upside. Hence, we maintain HOLD rating. We value Elgi at Rs 520 i.e. 50x P/E on average EPS for FY24E and FY25E.

For all recommendations report, click here

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Elgi Equipments - 08-11-2022 - icici

Broker Research
first published: Nov 11, 2022 12:05 pm

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