Stock research on global mid-cap companies

Evaluate Research

Evaluate Research provides institutional quality stock research on small-cap and  mid-cap companies on a global basis, thus helping connect investors with the company.

At Evaluate Research, we provide free of cost to all investors a 20-25 page Initiation Report which evaluates in great detail all aspects of the company:  growth opportunities, catalysts, business description, competitive positioning, SWOT analysis, risks, etc.  In addition, we determine specific price targets for the company based on detailed 5-year complete forecasts of financial statements including IS, BS, CF, ratios, etc.  Finally, whereas many sell-side brokers offer sketchy and irregular ongoing maintenance research of companies, if not outright dropped or termination of coverage, at Evaluate Research we systematically monitor and regularly publish Update Notes covering quarterly earnings, major corporate events, etc.

All of the research reports are broadly and freely disseminated globally to leading Fund Managers and analysts who invest specifically in mid-size equities, and also on leading investment information platforms including: Bloomberg, Thomson Reuters, FactSet etc.

Stock research on global mid-cap companies, Evaluate Research

Equity Bottom-Up

Rajesh Exports reported strong fourth quarter [ended March] and full&nbsp;year FY2016 financial results where both revenues and earnings&nbsp;easily outpaced our estimates. On a quarterly basis, revenue and EPS&nbsp;surpassed our estimates by 2% and 24%, respectively. Moreover, the&nbsp;company’s annual figure also exceeded our revenue and EPS&nbsp;projection by 1% and 4.7%, respectively.
Our one-year price target on Rajesh Exports is Rs 900, driven by&nbsp;strong fundamentals and increased visibility of earnings. This&nbsp;indicates 60% upside potential from current levels. We expect Rs&nbsp;16.5 billion in operating income in FY03/2017 and Rs 18 billion in&nbsp;FY03/2018. Rajesh Exports is the leading refiner and manufacturer of gold and gold ornaments, servicing around 40% of the world’s gold&nbsp;refining demand. The company has reported robust results in 2016&nbsp;and we expect the momentum to continue going forward driven by&nbsp;strong tailwinds which are likely to unfold in the coming period. Our&nbsp;12-month price target on the stock is based on P/E and backed by&nbsp;DCF methodology. Our DCF based price is Rs 1,084 which assumes&nbsp;12.4% WACC and 2% terminal growth rate. We apply a 22x on our&nbsp;FY17 EPS estimate of Rs 40.44 which comes to Rs 900.

Rajesh Exports reported strong fourth quarter [ended March] and full&nbsp;year FY2016 financial results where both revenues and earnings&nbsp;easily outpaced our estimates. On a quarterly basis, revenue and EPS&nbsp;surpassed our estimates by 2% and 24%, respectively. Moreover, the&nbsp;company’s annual figure also exceeded our revenue and EPS&nbsp;projection by 1% and 4.7%, respectively.
Our one-year price target on Rajesh Exports is Rs 900, driven by&nbsp;strong fundamentals and increased visibility of earnings. This&nbsp;indicates 60% upside potential from current levels. We expect Rs&nbsp;16.5 billion in operating income in FY03/2017 and Rs 18 billion in&nbsp;FY03/2018. Rajesh Exports is the leading refiner and manufacturer of gold and gold ornaments, servicing around 40% of the world’s gold&nbsp;refining demand. The company has reported robust results in 2016&nbsp;and we expect the momentum to continue going forward driven by&nbsp;strong tailwinds which are likely to unfold in the coming period. Our&nbsp;12-month price target on the stock is based on P/E and backed by&nbsp;DCF methodology. Our DCF based price is Rs 1,084 which assumes&nbsp;12.4% WACC and 2% terminal growth rate. We apply a 22x on our&nbsp;FY17 EPS estimate of Rs 40.44 which comes to Rs 900.

Rajesh Exports

Rajesh Exports: 4QFY2016 Earnings Update