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Yes Securities Report
Though Q1 FY24 will be impacted due to Prince Pipes and Fittings Ltd.'s transition to enterprise resource planning system, we reckon the buoyance in demand will enable Prince Pipes to make-up for the lost sales.
We reckon, strong demand from plumbing segment and shift in demand towards branded products should lead to healthy traction for Prince Pipes.
We believe Ebitda/kg to come in at Rs 21/Rs 22 in FY24E/FY25E respectively.
At current market price, stock trades at price/earnings of 32 times/26 times on FY24E/FY25E earnings per share of Rs 20/24 respectively.
We have valued the stock at 30 times on FY25E EPS and arrived at a target price of Rs 733, retaining our 'Add' rating.
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