ICICI Direct has given Hold recommendation for Symphony with a target price of Rs. 1215 in its research report issued on May 04, 2022

ICICI Direct’s research report on Symphony

Symphony is the world’s largest manufacturer of air coolers with a presence in over 60 countries and provides air cooling products in the residential, industrial and commercial segments. Symphony is the market leader in the air-cooling business with a strong distribution network of ~30,000+ dealers, ~1000+ distributors and ~1000+ authorised service centres across the country • Asset light business model with strong RoE and RoCE of ~20% and ~21%, respectively (average in the past three years). We maintain our HOLD rating on the stock.

Outlook

We value Symphony at 35x P/E on FY24E EPS with revised target price of Rs 1215/share.

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