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Investing.com - Macquarie initiated coverage on Amber Enterprises India Ltd (NSE:AMBER) with an Outperform rating and a price target of INR9,200.00.
The research firm cited Amber’s "superior execution in consumer durables" as establishing a blueprint for its expansion into components, electronics, and backward integration efforts.
Macquarie expects these strategic moves to drive sustained revenue growth and higher margins for the Indian manufacturing company.
The stock currently trades at 16x FY28E EV/EBITDA, representing an 11% discount to comparable companies, which Macquarie attributes to Amber’s heavy concentration in the air conditioning segment that has experienced significant seasonal fluctuation this year.
Despite these seasonal challenges, Macquarie projects a "secular growth trajectory" for air conditioning in India and anticipates "significant re-rating of the stock" as Amber executes its strategy, with the INR9,200 target price implying 20x FY28E EV/EBITDA.
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