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Havells India: Buy; PT Rs510
Sylvania has taken 5-7% price hike to narrow the pricing gap with larger
competitors such as Phillips and Osram. This should help margins in FY12.
Even if revenues stay flat in Europe, there is opportunity for further 200 bps
margin expansion.
Havells has launched new products in Europe such as CMI lamps and
switchgear (under Sylvania brand). Europe to benefit from carry forward
losses. To enjoy low tax rate for next 2-3 years.
New product launches to contribute meaningfully to revenue growth during
FY12. Revenue growth likely to be 15-18% (please remember that Havells
had earlier guided 15-18% revenue growth in domestic business and
delivered 20% revenue growth). Revenue from new products to be Rs1.5
during FY12 compared to Rs0.2bn in FY11.
EBITDA margins to be flat in domestic business.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Havells India: Buy; PT Rs510
Sylvania has taken 5-7% price hike to narrow the pricing gap with larger
competitors such as Phillips and Osram. This should help margins in FY12.
Even if revenues stay flat in Europe, there is opportunity for further 200 bps
margin expansion.
Havells has launched new products in Europe such as CMI lamps and
switchgear (under Sylvania brand). Europe to benefit from carry forward
losses. To enjoy low tax rate for next 2-3 years.
New product launches to contribute meaningfully to revenue growth during
FY12. Revenue growth likely to be 15-18% (please remember that Havells
had earlier guided 15-18% revenue growth in domestic business and
delivered 20% revenue growth). Revenue from new products to be Rs1.5
during FY12 compared to Rs0.2bn in FY11.
EBITDA margins to be flat in domestic business.
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