1 TIMETECHNO share price target reports by brokerages below. See what is analyst's view on TIMETECHNO 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.
We maintain our HOLD rating on the stock given its double digit volume growth and debt/equity at comfort zone. We value the stock at FY21E 3x EV/EBITDA with a revised target price of Rs 55/share.
In view of the downwards earnings revision and factors discussed above, we now ascribe a lower target PE to value the stock. We value the stock at 8x FY20 earnings (at a 20% discount to ten year average forward PE of 10x) and arrive at a price target of Rs 83 (Rs 110 earlier). We will consider according a highertarget multiple on further progress on company’s endeavor to improve ROCE,which currently is at 15%. We maintain BUY in view of the adequate upside of 25% from the current levels.
At the current price, the stock is trading at P/E of 9.2x and 7.5x FY20E and FY21E earnings respectively. In FY19, the TTL stock has been derated in line with general sell-off in the midcaps and smallcaps universe coupled with weak 9MFY19 earnings and risk aversion towards stocks having promoter share pledges. We continue to value the stock at 10x FY20E earnings (ten year average forward PE) and arrive at a price target of Rs 110 (Rs 108 earlier). We will consider according a higher target multiple on further progress on company’s endeavor to improve ROCE, which currently is at 15 %. Since the upside is modest from the current levels, we maintain “ADD” rating.
The TTL stock has gained 17% from our previous call. At the current price, the stock is trading at P/E of 11.6x and 9.5x FY19E and FY20E earnings respectivel. In FY19, the TTL stock has been derated in line with general sell-off in the midcaps and smallcaps universe coupled with weak 9MFY19 earnings and general risk aversion towards stocks having promoter share pledges. We continue to value the stock at 10x FY20 earnings and arrive at a price target of Rs 108 (unchanged). We will consider according a higher target multiple on further progress on company’s endeavor to improve ROCE, which currently is at 15%. Since the upside is modest from the current levels, we move rating to a notch below to “ADD” from “BUY” earlier.
At CMP, TTL is trading at P/E of 9.9x and 8.1x FY19E and FY20E earnings respectively, which is attractive as it is at a discount to midcap index valuation. In recent months, the TTL stock has been derated in line with general sell-off in the midcaps and smallcaps universe. At the current price, valuations are appealing, hence, we continue to maintain our positive stance on the company. We value the stock at 10x FY20 earnings and arrive at a price target of Rs 108 (Rs 145 ealier, based on 13x FY20E). We will consider according a higher target multiple on further progress on company’s endeavor to improve ROCE, which currently is at 11%.
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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