CD Equisearch recommended accumulate rating on Essel Propack with a target price of Rs 230 in its research report dated July 31, 2020.
CD Equisearch's research report on Essel Propack
The global packaging market size during the COVID-19 pandemic is projected to grow from USD 909.2 billion in 2019 to USD 1,012.6 billion by 2021 according to a report published by Global News Wire in May. During the COVID-19 pandemic, states and local municipalities are practicing extreme caution to avoid the spread of the coronavirus. Healthcare and pharmaceutical products are required on a large scale amidst this pandemic to fulfill the increasing global demand. APAC is projected to be the largest market during the forecast period fueled by the easy availability of packaging raw materials and the presence of manufacturing facilities of most of the packaging companies.
Outlook
Weighing odds, we assign ‘accumulate’ rating on the stock with the revised target price of Rs 230 (previous target Rs 156) based on 26x FY22e EPS of Rs 8.85 over a period of 9-12 months.
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