Firstcall Research is bullish on CCL Products India and has recommended buy rating on the stock with a target of Rs 80 in its June 09, 2014 research report.
"CCL Products (India) Ltd by shares established under the laws of India. The company was formed in the year 1994 and commenced commercial operations in the year 1995. CCL Products is engaged in the manufacture of Soluble Instant Spray Dried Coffee Powder, Spray Dried Agglomerated / Granulated Coffee, Freeze Dried Coffee, as well as Freeze Concentrated Liquid Coffee. It is the soluble instant coffee is prepared from carefully chosen Arabica and Robusta coffee beans, roasted and processed to perfection, for an aroma & flavor will bring real satisfaction instantly. In addition to 100% pure soluble instant coffee, also has ability to supply flavoured coffee, decaffeinated coffee, organic coffee, Rainforest coffee, Fair Trade coffee, Dual and Triple certified coffee as well as Chicory-coffee mix as per the required specifications of the customer, and can also offer the customers the option of highest quality customized products."
"CCL Products state-of-the-art Soluble Instant Coffee Manufacturing Plant is located at Duggirala Mandal, Guntur District, Andhra Pradesh, India, with a current combined capacity of more than 20,000 MTs, per annum. It has the distinction of setting up India's first Freeze Dried Instant Coffee Manufacturing Plant in the year 2005. The company has adapted Swiss & Brazilian Technology, purchased from world renowned pioneers in turnkey Instant/Soluble Coffee technology at its plant. The adaptation of technology has enabled CCL Products to produce international quality soluble coffee, which is currently being exported to more than 58 countries around the globe. The company is ISO 9001:2008, HACCP and BRC Quality Management System (QMS) certified, and has achieved "Trading House" status. CCL Products is certified to produce Organic Coffee, Rain Forest Alliance Coffee and Fair Trade Coffee, in any combination, by the relevant organizations. The company's Coffee Manufacturing Plant also holds Kosher and HALAL Certification."
"At the current market price of Rs 65.95, the stock P/E ratio is at 12.33 x FY15E and 11.39 x FY16E respectively. Earnings per share (EPS) of the company for the earnings for FY15E and FY16E are seen at Rs.5.35 and Rs. 5.79 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 10% and 18% over 2013 to 2016E respectively. On the basis of EV/EBITDA, the stock trades at 6.66 x for FY15E and 6.08 x for FY16E. Price to Book Value of the stock is expected to be at 2.07 x and 1.77 x respectively for FY15E and FY16E. We recommend 'BUY' in this particular scrip with a target price of Rs. 80.00 for Medium to Long term investment," says Firstcall Research report.
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