KR Choksey is bullish on Solar Industries India has recommended buy rating on the stock with a target price of Rs 840 in its research report dated February 15, 2017.
KR Choksey's research report on Solar Industries India
SIIL over the last two years (FY15, FY16) has traded at an average forward PE of 26x. Given the strengthening domestic business and foray into the defense segment, we value the company at 30X FY19E earnings of INR 28 and maintain our “BUY” recommendation arriving at a target price of INR 840. At CMP of INR 722, SIIL trades at 34.4x FY17E EPS of INR 21, 29.7x FY18E EPS of INR 24.3 and 25.6x FY19E EPS of INR 28.
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