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Buy EPC Industrie; target of Rs 230: ICICI Direct

ICICI Direct is bullish on EPC Industrie has recommended buy rating on the stock with a target price of Rs 230 in its research report dated September 29, 2017.

October 04, 2017 / 04:21 PM IST
 
 
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ICICI Direct's research report on EPC Industrie

EPC Industrie (EPC) in a latest press release has disclosed registration as a recognised micro - irrigation player in the state of Maharashtra for a period of 5 years (up to Sep 2022). The said order supersedes the ban imposed on the company dated July 2016 and now makes it eligible to participate in the state government administered micro irrigation subsidy scheme.  EPC has also indicated a loss of sales for the company as well as industry in the month of July 2017 due to transition towards GST and pending pricing finalisation by various state governments.

Outlook

We maintain our positive view on EPC given the strong parentage (M&M) and focus on quality driven product profile. We have maintained our estimates and continue to assign a BUY rating on the stock.  We value EPC at Rs 230, i.e. 2.2 x MCap/s ales on FY1 9 E sales of Rs 288 crore.  Perse,  EPC  is  a rare  play on the MIS theme  that can create wealth from a three to  five - year perspective, given  the  trajectory of farmer awareness  on MIS &  subsequent capitalisation of opportunity by  EPC.

For all recommendations report, click here

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first published: Oct 4, 2017 04:21 pm

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