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Maxwell Industries - CMP: Rs.20; Target Price: Rs.26 - Karvy
Posted On : 2012-10-17 19:06:15( TIMEZONE : IST )
Maxwell Industries (Maxwell) is in the process of disintegrating spinning and weaving to concentrate solely on innerwear manufacturing business. The Company has strategically introduced brands and likely to step into all other segments by Dec'12. Maxwell is foraying into retail marketing through "Green Room" exclusive stores and and is planning to open 100 'Eminence' premium stores by FY15E.
We expect Maxwell to post an EPS of Rs. 0.9 and Rs. 2.0 in FY13E and FY14E, respectively.
We initiate coverage on Maxwell with "BUY" recommendation with a target price of Rs. 26 per share - applying a 7x multiple for FY14E EBITDA - representing 30% upside from the CMP.
