INSUBCONTINENT EXCLUSIVE:
Emkay Global Financial Services has a hold call on Titan Company Ltd
with a target price of Rs 990
The current market price of Titan Company Ltd
is Rs 924.4 Time period given by analyst is a year when Titan Company Ltd
price can reach the defined target
Titan Company Ltd., incorporated in 1984, is a large-cap consumer durables company with a market cap of Rs 82688.40 crore.
Investment
rational by Emkay GlobalConsidering the higher jewellery margin expansion, we increase FY19-20E earnings by 5-8%
However, while margins have surprised positively, jewellery growth has been slower than expectation over the last three quarters, which may
induce downside to the high consensus expectations
Current valuation at 47x FY20E earnings appears rich
We maintain HOLD with TP of Rs990, now valuing Titan at 45x June-20E EPS.
