ICICI Direct has given Buy recommendation for Titan Company with a target price of Rs. 2725 in its research report issued on May 16, 2022
ICICI Direct’s research report on Titan Company
Titan has transformed itself from a watch maker to an enviable lifestyle company, with jewellery being the leading vertical (85% of revenues). Robust distribution network comprises 2175+ stores spread across 2.8 mn sq ft. Titan has consistently displayed its ability to gain market share amid a tough industry scenario owing to its robust balance sheet (30%+ RoCE and cash & investments worth Rs 1500+ crore) and strong brand patronage.
We continue to remain structurally positive on the stock as high growth visibility justifies premium valuations and maintain a BUY on the stock. We value Titan at Rs 2725 i.e. 66x FY24E EPS.