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Yes Securities Report
V-Guard Industries Ltd.'s management vision and strategies to achieve 15% revenue compound annual growth rate over medium term reflect company's conviction in good measure.
The Simon Electric Pvt Ltd. acquisition and integration will pave for geographical as well as product diversification. We reckon FY25 will reflect the full impact of the management vision and strategy, while FY24 will largely be an year of consolidation.
We expect V-Guard to deliver FY23-25 revenue/Ebitda/profit after tax compound annual growth rate of 16%/33%/40% on consolidated basis.
We maintain our target multiple to 40 times and upgrade the stock to 'Add' recommendation with revised target price of Rs 345.
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