Sell Thermax; target of Rs 781: Motilal Oswal
Motilal Oswal is bearish on Thermax has recommended sell rating on the stock with a target price of Rs 781 in its research report dated February 09, 2017.
Motilal Oswal's research report on Thermax
We marginally cut EPS for FY17E/18E by 3/2% to factor in prevailing weak ordering activity and muted outlook in terms of a pickup in ordering activity from the core sectors. We maintain Sell and roll over our TP to FY19 at INR 781 (25x FY19E EPS of INR 31, based on last 10-year average P/E multiple), given weak business outlook and rich valuations.
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