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TITAN Share Price Target
Titan Company Ltd.
Sector: Consumer Durables
Sector: Consumer Durables
TITAN Share Price *
1,259.45 +106.25 (9.21%)
* (quote may be delayed)
TITAN Share Price Forecast - Consensus
| No. of reports in last year | 31 |
| No. of analysts | 8 |
| Average Consensus Forecast | 1172.00 |
| Consensus Potential | 0.36% |
TITAN Share Price Target - Broker Reports - 2019
Prabhudas Lilladher
7-Aug-19
Price @ Call: 1038.05
Target: 1173
BUY
We believe that structural story led by consumer shift towards organized players, strong brand, growing store network and focus on high value studded and wedding jewellery is intact. We expected gradual recovery to set in from 3Q and expect Tanishq to achieve EBIT growth of 13.3% in FY20 and 28.5% in FY21. We expect watch business to show steady recovery with 14% EBIT CAGR over FY19-21 while Eyewear business will remain in investment mode. We estimate 23.5% PAT CAGR over FY19-21 and value the stock at 45xJune21 EPS. We advise Accumulating the stock in current weakness and retain BUY with a target price of Rs1173 (1264 earlier).
ICICIdirect.com
7-Aug-19
Price @ Call: 1038.05
Target: 1190
BUY
Given the recent headwinds, we revise our revenue and earnings estimates downwards for FY20, FY21E. A sustained increase in gold prices and weak consumer sentiments can lead to postponement of purchase, which may defer the revenue growth recovery in the near term. Titan has consistently displayed its ability to gain market share amid a tough industry scenario. Enriched jewellery portfolio with launch of new collections (wedding space) and sustained investment in brand building is enabling better than industry revenue growth. We model revenue and earnings CAGR of 17% and 24%, respectively, in FY19-21E. We maintain our BUY rating on the stock with a target price of Rs 1190 at 49.0x FY21E EPS (earlier target price of Rs 1250).
Sharekhan
6-Aug-19
Price @ Call: 1038.41
Target: 1260
BUY
We have trimmed our earnings estimates for FY2020 and FY2021 to factor in lower than earlier expected growth in the jewellery business and lower than earlier expected margins. The spike in the jewellery prices and slowdown in the consumption environment will affect the performance of the jewellery business in the near term but themanagement is confident in recovering the performance in H2FY2020. We expect Titan’s revenue and PAT to clock a CAGR of 16.5% and 17.5% over FY2019-21. The stock has corrected by ~22% from its recent high which has factored in the modest performance expected in FY2020. We expect growth to accelerate in FY2021. We maintain our Buy recommendation on the stock with revised price target of R.s 1,260 (valuing it at 37x its FY2021E EV/EBIDTA).
Dolat Capital
6-Aug-19
Price @ Call: 1038.41
Target: 1172
ACCUMULATE
View: Losing sheen. Downgrade to Accumulate.
Titan’s net revenue grew 14.4% YoY to `49.4bn in Q1FY20, below our estimate. We believe the growth in the jewellery segment will remain muted (low double digits) in Q2FY20E. Nevertheless, we anticipate an increase in growth in H2FY20E, due to new store additions, customer acquisition, and anticipated improvement in overall economy. Also, as Titan is one of the largest players in the organized industry, with attractive products, we believe it will emerge as a winner of the shift from unorganised to organised. Further, the trend of buying jewellery for fashion, instead of investment, will enhance premiumization. To factor in the below-expected earnings in Q1 and slowdown in Q2, we have revised our FY20E and FY21E EPS estimates downward to ` 19.5 (-8.7%) and `23.4 (-5.8%). We downgrade our rating to Accumulate, with TP of ` 1,172 (50x FY21E).
Titan’s net revenue grew 14.4% YoY to `49.4bn in Q1FY20, below our estimate. We believe the growth in the jewellery segment will remain muted (low double digits) in Q2FY20E. Nevertheless, we anticipate an increase in growth in H2FY20E, due to new store additions, customer acquisition, and anticipated improvement in overall economy. Also, as Titan is one of the largest players in the organized industry, with attractive products, we believe it will emerge as a winner of the shift from unorganised to organised. Further, the trend of buying jewellery for fashion, instead of investment, will enhance premiumization. To factor in the below-expected earnings in Q1 and slowdown in Q2, we have revised our FY20E and FY21E EPS estimates downward to ` 19.5 (-8.7%) and `23.4 (-5.8%). We downgrade our rating to Accumulate, with TP of ` 1,172 (50x FY21E).
Prabhudas Lilladher
2-Aug-19
Price @ Call: 1056.4
Target: 1267
BUY
We expect the near term demand scenario to remain muted as consumers usually postpone demand in such a scenario. Structurally, we remain positive on the long term story of demand shift from unorganized to organized sector, huge scope in store expansion and wedding jewellery and high value diamond jewellery segments. We estimate 31.6% PAT CAGR over FY19-21 and value the stock at 45xFY21 arriving at a target price of 1267. Maintain Buy
ICICIdirect.com
12-Jul-19
Price @ Call: 1095.7
Target: 1250
BUY
Factoring in the Q1FY20 performance, we revise our revenue and earnings estimates marginally downwards but remain positive about the long term prospects. We continue to like the company given the healthy balance sheet (32%+ RoCE & virtually debt free status) and sustained market share gains driven by healthy store additions. Titan’s strong brand equity enables it tooutperform industry peers and deliver consistent earnings growth amid a challenging industry scenario. We model revenue, earnings CAGR of 18.4%, 26.7%, respectively, in FY18-21E. We reiterate our BUY rating on the stock with a revised target price of Rs 1250 (49.0x FY21E EPS).
Sharekhan
9-Jul-19
Price @ Call: 1104.58
Target: 1320
BUY
Maintain Buy with a revised PT of Rs. 1,320:
We have reduced our earnings estimates by 7%/4%, respectively, for FY2020/ FY2021 to factor in lower-than-earlier estimated growth in the jewellery business and have tweaked our margins to factor in the change inrevenue mix. The jewellery division’s growth is expected to moderate to 15% in FY2020 (earlier expectation of ~19%). Other key divisionsare expected to deliver better performance with growth in mid-to-highteens in the near term. We maintain our Buy recommendation with a revised PT of Rs. 1,320 (in-line with reduction in earnings estimates).
We have reduced our earnings estimates by 7%/4%, respectively, for FY2020/ FY2021 to factor in lower-than-earlier estimated growth in the jewellery business and have tweaked our margins to factor in the change inrevenue mix. The jewellery division’s growth is expected to moderate to 15% in FY2020 (earlier expectation of ~19%). Other key divisionsare expected to deliver better performance with growth in mid-to-highteens in the near term. We maintain our Buy recommendation with a revised PT of Rs. 1,320 (in-line with reduction in earnings estimates).
Motilal Oswal
9-Jul-19
Price @ Call: 1252.65
Target: 1500
BUY
We believe that TTAN’s high valuations are fully justified, given its (a) best top- line growth visibility in the large-cap FMCG/retail space (20% CAGR in Jewellery, the largest segment, over the next four years), (b) prospects of continued EBITDA margin improvement because of high SSSG contribution and (c) sustained RoCE improvement from ~26% in FY19 to 34% in FY21. In fact, increasing concerns over revenue/earnings growth of many consumer peers should also ensure high multiples for TTAN. We maintain Buy with a revised target price of INR1,500.
Sharekhan
3-Jun-19
Price @ Call: 1250.98
Target: 1375
BUY
Maintain Buy with a revised PT of Rs. 1,375:
We have increased our earnings estimates by ~3% and 6% for FY2020 and FY2021, respectively, to factor in higher- than-earlier-expected growth in the jewellery business. Management expects the jewellery and watches segments to deliver double-digit revenue growth in the near term and eyewearbusiness is expected to improve profitabilitywith scale. Taneira (handloom saree) and Skinn (fragrances) are expected to be big opportunities in the long run and will be one of the keyrevenue and profitability drivers by FY2023.Caratlane, subsidiary of Titan, is expected to be EBIT positive in FY2020. We expect Titan’s revenue and earnings to report a CAGR of 18% and 23% over FY2019-FY2021. We maintain our Buy recommendation on the stock with a revised price target (PT) of Rs. 1,375 (in-line with increased earnings estimates).
We have increased our earnings estimates by ~3% and 6% for FY2020 and FY2021, respectively, to factor in higher- than-earlier-expected growth in the jewellery business. Management expects the jewellery and watches segments to deliver double-digit revenue growth in the near term and eyewearbusiness is expected to improve profitabilitywith scale. Taneira (handloom saree) and Skinn (fragrances) are expected to be big opportunities in the long run and will be one of the keyrevenue and profitability drivers by FY2023.Caratlane, subsidiary of Titan, is expected to be EBIT positive in FY2020. We expect Titan’s revenue and earnings to report a CAGR of 18% and 23% over FY2019-FY2021. We maintain our Buy recommendation on the stock with a revised price target (PT) of Rs. 1,375 (in-line with increased earnings estimates).
Motilal Oswal
13-May-19
Price @ Call: 1143.73
Target: 1310
BUY
Dolat Capital
13-May-19
Price @ Call: 1131.8
Target: 1245
BUY
Prabhudas Lilladher
8-May-19
Price @ Call: 1085.54
Target: 1264
BUY
ICICIdirect.com
10-Apr-19
Price @ Call: 1102.3
Target: 1290
BUY
Prabhudas Lilladher
5-Apr-19
Price @ Call: 1106.9
Target: 1195
BUY
Motilal Oswal
5-Apr-19
Price @ Call: 1114.44
Target: 1300
BUY
Dolat Capital
8-Feb-19
Price @ Call: 1063.85
Target: 1139
BUY
Edelweiss
4-Feb-19
Price @ Call: 994.2
Target: 1185
BUY
ICICIdirect.com
4-Feb-19
Price @ Call: 1029.91
Target: 1140
BUY
Motilal Oswal
4-Feb-19
Price @ Call: 994.2
Target: 1180
BUY
Prabhudas Lilladher
1-Feb-19
Price @ Call: 991.88
Target: 1195
BUY
ICICIdirect.com
7-Jan-19
Price @ Call: 950.79
Target: 1065
BUY
Motilal Oswal
4-Jan-19
Price @ Call: 929.31
Target: 1125
BUY
TITAN Share Price Target - Broker Reports - 2018
Motilal Oswal
5-Dec-18
Price @ Call: 929
Target: 1105
BUY
ICICIdirect.com
13-Nov-18
Price @ Call: 889.8
Target: 1000
BUY
Dolat Capital
12-Nov-18
Price @ Call: 881.24
Target: 1026
BUY
Prabhudas Lilladher
9-Nov-18
Price @ Call: 850
Target: 1115
BUY
Geojit Financial Services
30-Oct-18
Price @ Call: 834.93
Target: 927
ACCUMULATE
Axis Direct
23-Oct-18
Price @ Call: 776.78
Target: 929
BUY
ICICIdirect.com
8-Oct-18
Price @ Call: 798.95
Target: 950
BUY
Motilal Oswal
5-Oct-18
Price @ Call: 776.15
Target: 1070
BUY
Motilal Oswal
28-Sep-18
Price @ Call: 820
Target: 1070
BUY
JM Financial
18-Sep-18
Price @ Call: 824.1
Target: 965
BUY
Edelweiss
21-Aug-18
Price @ Call: 922.4
Target: 1036
BUY
ICICIdirect.com
6-Aug-18
Price @ Call: 918.3
Target: 1090
BUY
Prabhudas Lilladher
3-Aug-18
Price @ Call: 923.82
Target: 1114
BUY
Motilal Oswal
3-Aug-18
Price @ Call: 923.82
Target: 1130
BUY
Dolat Capital
3-Aug-18
Price @ Call: 923.82
Target: 1026
ACCUMULATE
Motilal Oswal
5-Jul-18
Price @ Call: 889
Target: 1130
BUY
Narnolia Financial Advisors
2-Jul-18
Price @ Call: 889.93
Target: 1050
BUY
Motilal Oswal
15-May-18
Price @ Call: 921
Target: 1125
BUY
Prabhudas Lilladher
14-May-18
Price @ Call: 956.15
Target: 1114
BUY
Edelweiss
12-May-18
Price @ Call: 966.99
Target: 1160
BUY
Prabhudas Lilladher
11-May-18
Price @ Call: 981.5
Target: 1114
BUY
Motilal Oswal
11-May-18
Price @ Call: 981.5
Target: 1150
BUY
ICICIdirect.com
11-May-18
Price @ Call: 966.99
Target: 1090
BUY
Dolat Capital
11-May-18
Price @ Call: 966.99
Target: 1017
ACCUMULATE
ICICIdirect.com
19-Apr-18
Price @ Call: 958.26
Target: 1090
BUY
Motilal Oswal
6-Apr-18
Price @ Call: 931.62
Target: 1090
BUY
Reliance Securities
27-Feb-18
Price @ Call: 819.9
Target: 950
BUY
Motilal Oswal
2-Feb-18
Price @ Call: 831.3
Target: 990
BUY
Edelweiss
2-Feb-18
Price @ Call: 831.3
Target: 978
BUY
Prabhudas Lilladher
1-Feb-18
Price @ Call: 836.46
Target: 855
BUY
Dolat Capital
31-Jan-18
Price @ Call: 873.59
Target: 876
ACCUMULATE
ICICIdirect.com
3-Jan-18
Price @ Call: 861.86
Target: 990
BUY
Motilal Oswal
2-Jan-18
Price @ Call: 848.19
Target: 975
BUY
TITAN Share Price Target - Broker Reports - 2017
Geojit Financial Services
7-Dec-17
Price @ Call: 773.55
Target: 867
ACCUMULATE
Motilal Oswal
4-Nov-17
Price @ Call: 663.08
Target: 850
BUY
ICICIdirect.com
5-Oct-17
Price @ Call: 600.8
Target: 630
HOLD
Motilal Oswal
28-Sep-17
Price @ Call: 577.35
Target: 590
NEUTRAL
Motilal Oswal
3-Aug-17
Price @ Call: 558
Target: 565
NEUTRAL
JM Financial
3-Aug-17
Price @ Call: 558
Target: 625
BUY
Edelweiss
5-Jul-17
Price @ Call: 534.55
Target: 600
BUY
Kotak Securities
15-May-17
Price @ Call: 494.5
Target: 430
REDUCE
ICICIdirect.com
15-May-17
Price @ Call: 475
Target: 510
HOLD
ICICIdirect.com
8-Feb-17
Price @ Call: 424
Target: 485
NEUTRAL
TITAN Share Price Target - Broker Reports - 2016
ICICIdirect.com
7-Nov-16
Price @ Call: 375
Target: 435
BUY
Axis Direct
7-Nov-16
Price @ Call: 369
Target: 375
HOLD
JM Financial
5-Aug-16
Price @ Call: 412
Target: 425
BUY
JM Financial
11-May-16
Price @ Call: 366
Target: 380
BUY