Investec stays Sell on Cello World, cuts target to Rs 435 despite Q4 EBITDA beat
Brokerage trims target from Rs 515 and PE multiple to 24x from 30x, citing opalware commoditisation, Chinese dumping in glassware, elevated channel inventory and stretched receivables. PAT seen 26% and 13% below consensus; FY27 revenue growth guided at just 10-12%, with more downgrades expected.
Investec reiterated Sell on Cello World, cutting target to Rs 435 from Rs 515 despite Q4 EBITDA beat. Brokerage flagged commoditisation in opalware, Chinese dumping in glassware, elevated channel inventory and stretched receivables, expecting further earnings downgrades.