Feb 16, 2017 12:55 PM IST | Source: Moneycontrol.com

Buy Suprajit Engineering; target of Rs 246: Edelweiss

Edelweiss is bullish on Suprajit Engineering has recommended buy rating on the stock with a target price of Rs 246 in its research report dated February 14, 2017.

Buy Suprajit Engineering; target of Rs 246: Edelweiss

Edelweiss' research report on Suprajit Engineering

SEL’s consolidated revenue (ex PHLL and Wescon) stood at INR 1.9bn (down 3% YoY), led by revenue decline in domestic business. PHLL revenues surprised positively at INR 846mn, up 8% YoY (our estimate of 5% decline).

Outlook

Over FY16-19, we estimate consolidated EPS to log CAGR of 18% and RoE (including PHLL) to remain stable at 21.5%. We introduce FY19E EPS of INR 10.6 and upgrade to ‘BUY’ with TP of INR 246 (20x SEL’s FY19E core EPS, INR 18 cash/share, INR 34 for PHLL and INR 24 for Wescon).

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