CD Equisearch recommended accumulate rating on Aarti Industries with a target price of Rs 1704 in its research report dated November 28, 2018.
According to latest update of Prescient & Strategic (P&S) Intelligence, a leading provider
of market research & consulting services, the global specialty chemicals markets is
estimated to grow to at a CAGR of 5.1% during 2018-2023 to reach $782.2 bn by the
terminal year, driven by increasing demand of these chemicals in emerging economies,
ongoing technological advancements and rising penetration of end use industries. During
the forecast period, lubricants and oilfield chemicals would offer the highest growth in
specialty chemicals markets - CAGR of 7% - largely due to rising use of such chemicals
in oilfields of major oil producing nations like US, Russia, Venezuela and Brazil.
Outlook
On balance we maintain our accumulate rating on the stock with revised target of Rs 1704 (previous target: Rs 1034) based on 25x FY20e earnings (forward PEG:1) over a period of 9-12 months.
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