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Reduce Phillips Carbon, target of Rs 36: Angel

Posted on: May 6th, 2009 and is filed under Brokerage Recommendations.

Angel Broking has downgraded its rating on Phillips Carbon Black to reduce from accumulate with a revised target price of Rs 36 in its may 06, 2009 research report.

“Phillips Carbon Black (PCBL) reported 11.9% yoy decline in Top-line to Rs 241.5 crore (Rs 274.3 crore) in 4QFY2009 on the back of a 21% fall in Sales volume. However, demand increased by 12% qoq as against the 32% drop seen during 3QFY2009. For FY2009, the company‚Äôs Net Revenue increased by 12.8% to Rs 1,165.3 crore (Rs 1,033.2 crore) even as the Sales volume fell by 15.6% to 2,10,625MT (2,49,655MT).”

“On the bourses, the stock had rallied in line with the broader markets giving a good exit option to those invested in the stock. At the CMP, the stock is trading at 6.6x FY2010E and 4.4x FY2011E Earnings and 8.3x FY2010E EV/EBITDA, which we believe is richly valued. Hence, we downgrade the stock to Reduce from Accumulate, with a revised Target Price of Rs 36,” says Angel Broking’s research report.

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