Philips Carbon Black Q3FY19: Upside of 67%; Buy

SKP Research | Jan. 28, 2019, 12:10 p.m.

Valuation

We have valued the stock on the basis of P/E - method of relative valuation – of 9x of FY21E earnings, lowering it from 12x (in the previous quarter) on the back of factors like expected slowdown in the domestic auto industry coupled with volatility in rupee and softness in spot market price. We recommend a BUY on the stock with a target price of Rs 266/- (67% upside) in 18 months.



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