HEM Securities has come out with its report on Bharat Dynamics IPO , The research firm has recommended to “ Subscribe ” the IPO in its research report as on March 12, 2018
Bharat Dynamics is one of the leading defence PSUs in India engaged in the manufacture of Surface to Air missiles (SAMs), AntiTank Guided Missiles (ATGMs), underwater weapons, launchers, countermeasures and test equipment. Co is the sole manufacturer in India for SAMs, torpedoes, ATGMs .Co is also the sole supplier of SAMs and ATGMs to the Indian armed forces
Additionally, it is also engaged in the business of refurbishment and life extension of missiles manufactured. Co is also the co-development partner with the DRDO for the next generation of ATGMs and SAMs.
Co is a wholly-owned GoI company headquartered in Hyderabad and under the administrative control of the MoD, GoI and were conferred the Miniratna status by the Department of Public Enterprises, GoI. Founded in 1970, co have over four decades of experience in manufacturing missiles and countermeasures and its allied equipments.
Valuation: The co is bringing the issue at p/e multiple of 24-25 on annualized H1FY18 eps at price band of Rs 413-428/share. Co with its modern facilities and infrastructure to deliver quality products in a timely manner has strong order book and established financial track record of delivering growth with experienced board and senior management team. Looking after strong future prospects of co with decent fundamentals, we recommend “Subscribe” on issue.
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