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TTK Prestige (TTKPRE) ICICI Direct Review

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TTK Prestige (TTKPRE) ICICI Direct Review

Thursday, 06 September 2007

Trust on retail to continue growth

TTK Prestige is the market leader in pressure cookers within the consumer durable space.
The company has restructured its product mix and is transforming itself into a total kitchen solutions provider. It is expanding the number of exclusive outlets to over 250. We remain positive on the company’s fundamentals and rate the stock a PERFORMER.

Q1FY08 results on the right track

The company recorded a 187% increase in net profit to Rs 4.28 crore y-o-y. Net sales increased 8% to Rs 76.27 from Rs 69.35 crore. The increase has come from better margins and optimisation of operating costs on a mix of own and traded products.

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Uttaranchal unit set to be operational

We expect the company to enhance its income from the second quarter as its new facility at Roorkee in Uttaranchal (with a total capacity of 600,000 units) commenced production from June 2007. This facility will cater to the Northern India market and give the company logistical advantages and incidental cost savings.

Valuations At the current price of Rs 140, the stock trades at a P/E of 9.84x its FY08E EPS of Rs 14.22. On an EV/ EBIDTA basis, the stock is available at a multiple of 7.09x FY08E earnings.

Given the company's aggressive retail foray and product diversification, we remain positive on the company’s fundamentals and value the stock at a P/E multiple of 11x its FY08E earnings with a price target of Rs 164.

Key Financial(Rs crore)

Year ending March 31	Q1FY08	Q1FY07	% change	FY07	FY08E
Net Sales	75.71	69.49	8.95	281.02	343.40
Other Income	0.56	-0.14		0.66	0.00
Expenditure	68.31	64.59	5.76	255.89	311.32
EBIDTA	7.40	4.90	51.02	25.13	32.07
Deprication	0.66	0.52	26.92	2.20	2.62
Interest	2.20	1.57	41.0	6.88	7.94
PBT	5.10	2.67	91.01	16.71	21.51
Provision For Tax	0.79	1.15	-31.30	4.83	5.27
Extraordinary Items	0.03	0.03		0.11	0.11
Net Profit	4.28	1.49	187.25	11.77	16.12
Equity Capital	11.33	11.33		11.33	11.33
EPS (in Rs) (not annualised)	3.78	1.31		10.38	14.23

Source:ICICIdirect

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Trust on retail to continue growth

Valuations At the current price of Rs 140, the stock trades at a P/E of 9.84x its FY08E EPS of Rs 14.22. On an EV/ EBIDTA basis, the stock is available at a multiple of 7.09x FY08E earnings.

Given the company's aggressive retail foray and product diversification, we remain positive on the company’s fundamentals and value the stock at a P/E multiple of 11x its FY08E earnings with a price target of Rs 164.