Buy Balkrishna Industries; target of Rs 1503: Edelweiss
Edelweiss is bullish on Balkrishna Industries has recommended buy rating on the stock with a target price of Rs 1503 in its research report dated February 13, 2017.
Edelweiss' research report on Balkrishna Industries
While margins are expected to marginally correct due to jump in raw material prices, we see PAT increasing 18% YoY in FY19E, RoCE expansion of 460bps (Over FY17-19E) and expect it to become near debt free. We value BKT at 15.0x FY19E EPS giving us TP of INR 1,503 (INR 1,231 earlier). Maintain ‘BUY’.
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