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KEC International: Plugging into a new growth cycle

Attractive valuations and improving earnings visibility to support stock

September 19, 2022 / 01:22 PM IST
KEC International: Plugging into a new growth cycle

With the expectations of shorter working capital cycle and higher cash conversion rates, overall concerns about the health of balance sheet and cash flows would ease

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights Strong revival across segments, supported by better execution Robust order book, expected inflow to support growth Margins to improve and balance sheet to be better with higher operating cash  Earnings to receive a boost, thanks to operating leverage Stock trading 14 times its fiscal 2024 estimated earnings Marred by worries over higher commodity prices and working capital, KEC International underperformed the broader markets in the last one year. In March this year, we had recommended the stock around the Rs 400 level. The...

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