Moneycontrol
May 17, 2017 03:38 PM IST | Source: Moneycontrol.com

Buy BlueDart Express; target of Rs 5500: ICICI Direct

ICICI Direct is bullish on BlueDart Express has recommended buy rating on the stock with a target price of Rs 5500 in its research report dated May 16, 2017.

 
 
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ICICI Direct's research report on BlueDart Express


BlueDart’s (BDE) revenues grew 7.4% YoY (down 6% QoQ) to Rs 676.3 crore (I-direct estimate: Rs 680.1 crore). Contribution from B2C sequentially de-grew 400 bps YoY to 18-19%. However, the B2B business for the quarter remained upbeat with a contribution of 80%.


Outlook


We believe growth rates would be much higher post GST-stabilisation period. Given the benefits to be accrued over a longer period of time we continue to value BDE on a DCF model maintaining target price of Rs 5500 with a BUY recommendation.


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