Angel Broking expects its revenue to grow by 23 percent CAGR over FY2017-20E on the back of growth in its recently introduced new products.
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Angel Broking maintains a buy rating on Safari Industries with a target price of Rs 650. Safari Industries Ltd (Safari) is the third largest branded player in the Indian luggage industry. The restructuring has helped it in posting a CAGR of 42 percent in revenue and 46 percent in PAT over 2012-17.
Angel Broking expects its revenue to grow by 23 percent CAGR over FY2017-20E on the back of growth in its recently introduced new products.
Safari currently trades at a P/E of 42x FY2019E and 30.8x its FY2020E EPS which looks attractive looking at its strong brand play story emerging in the luggage industry.
