Geojit's research report on Apex Frozen Foods
Apex Frozen Foods Ltd (Apex) is an integrated producer and exporter of processed shrimps in Andhra Pradesh with own capacity of 29,240MT. We maintain Buy rating with a revised Target of Rs.350, due to gradual recovery in volumes, improving outlook and attractive valuation. Q4FY21 revenue grew by 29%YoY (+16%QoQ & -1%YoY for FY21) supported by recovery in volumes & firm shrimp realisation. EBITDA grew by 42%YoY and EBITDA margin improved by 90bps YoY to 10.4% supported by volumes and better product mix despite reduction in export incentive.
Outlook
We value at 9x on FY23E EPS considering current uncertain situation in the short-term, arrived at a Target of Rs.350, and maintain Buy rating.
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