Buy Bharat Electronics; target of Rs 204: ICICI Direct
ICICI Direct is bullish on Bharat Electronics has recommended buy rating on the stock with a target price of Rs 204 in its research report dated April 20, 2017.
ICICI Direct's report on Bharat Electronics
Order inflows for Bharat Electronics (BEL) have moved to a new growth trajectory with FY17 order inflows at Rs 15000 crore (our estimate: Rs 12000 crore for the year). We believe it is likely to continue in FY18E and FY19E also. We estimate order inflows in the range of Rs 12000-15000 crore in FY18E, FY19E.
We value the company at 26x P/E (21x earlier) on FY19E EPS of Rs 7.8 to arrive at a target price of Rs 204 per share. We upgrade the stock from HOLD to BUY.
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