Emkay Global has buy call on Suprajit Engineering with a target price of Rs 440. The current market price of is Rs 338.65. Time period given by analyst is one year when . price can reach defined target.
Suprajit Engineering Ltd., incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 4681.61 Crore) operating in Auto Ancillaries sector.
Suprajit Engineering Ltd. key Products/Revenue Segments include Auto Lamps, Other Operating Revenue, Sale of services for the year ending 31-Mar-2021.
Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 663.33 Crore, up 29.38 % from last quarter Total Income of Rs 512.71 Crore and up 80.14 % from last year same quarter Total Income of Rs 368.23 Crore. Company reported net profit after tax of Rs 27.32 Crore in latest quarter.
Investment Rationale
The brokerage initiates coverage on Suprajit with a BUY recommendation, and Sep-23E TP of Rs 440/share, based on DCF methodology which implies a 20x forward P/E. The target multiple is broadly in line with the company’s 10-year average P/E. Suprajit is attractively valued on ROE-adjusted PEG at 0.6x and scores above the competition (average at 1.5x)
Promoter/FII Holdings
Promoters held 44.64 per cent stake in the company as of 30-Jun-2022, while FIIs owned 4.95 per cent, DIIs 14.8 per cent.
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