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Thursday, December 1, 2011

Berger Paints India Ltd:-Buy/sell/growth prospects and recommendation,news and results,target price and analysis,view and outlook,multibagger

Scripscan:Berger Paints India Ltd

Story:Similar to other paint makers, Berger has been witnessing robust product off-take due to favourable demand dynamics in the country. Increasing incomes, growing construction activities, and industrial growth at a healthy clip have been important drivers. Berger has also been taking price hikes periodically to pass on rising input costs. Driven by robust volume growth (around 20 per cent), price hikes (totalling to around 12 per cent) and changes in the sales mix, the company's FY 11 consolidated sales and profits grew by a strong 23 per cent and 25 per cent year-on-year to Rs 2,328 crore and Rs 151 crore respectively.At its current price of Rs 100, the Berger stock trades at around 22.5 times its trailing 12-month earnings.While slightly higher than the 21 times of its nearest competitor Kansai Nerolac, Berger's earnings multiple is much lower than the 33 times earnings commanded by market leader, Asian Paints. Berger's initiatives to improve product mix, and increase its scale and reach should help it narrow the gap.Expectations of healthy volume growth, the company's increased focus on premium paints, its big-ticket expansion plans, and the push to enhance presence in high-potential markets should help the scrip to witness higher prices in the coming quarters.The company's good cash position (Rs 127 crore) and low debt-to-equity (0.44 times as on March 2011) give it sufficient headroom to fund expansion plans. ROE is healthy at around 22 per cent.

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