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Antique | Blue Star 2QFY24 result update – 231101

Antique | Blue Star 2QFY24 result update – 231101

Blue Star 2QFY24 result update – 231101 (Please click here to view the report)

Marginal outperformance on the operational front; premium valuations; downgrade to HOLD

Blue Star’s 2QFY24 operational performance was marginally ahead of our expectations supported by robust performance in the UCP segment. Blue Star has been able to gain market share and register market-leading growth in the RAC segment. With current market share of 13.5%, Blue Star expects to achieve 15% market share in the RAC business segment and margin to be in the range of 8.5%-9.0%. Additionally, the EMP business outlook remains healthy with the company diversifying its presence from the traditional building markets to areas like data centers, factories, and metro rail. It also plans to become a significant player in the overseas market like Europe and North America. We believe Blue Star’s strategy will help deliver ahead-of-market performance in the years to come, however, given the premium valuations we downgrade the stock to HOLD with a revised SoTP target price of INR 930 on 1HFY26E, valuing the UCP business at 42x.

Investment Summary

We are enthused by Blue Star’s strategic plans to scale up its market share from the current 13.5% to 15% over the next few years, however, given the premium valuations, we downgrade the stock to HOLD with a SoTP TP of INR 930 (valuing its UCP business at 42x 1HFY26E EPS, and EMP and professional electronics segment each at 18x its 1HFY26E EPS).

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