VRL Logistics: Steady show in tough environment; Accumulate | VRL Logistics Q2FY18 | IndiaNotes.com


Valuation and Outlook: VRL commands premium valuations, with stock currently trading at 28.1x FY19E PER, considering it being one of the largest organised players with the largest base of drivers on rolls (~8000); Strong balance sheet & cash flow generation. We maintain our ‘Accumulate’ stance with target price of Rs 370 (rolling it over to Sept‐19 and valuing it at 25x Sept-19E PER.)

 

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