ICICI Direct's research report onBajaj Electricals
Bajaj Electricals’ (BEL) revenues at ~| 1606 crore, were up ~27% YoY led by the E&P segment revenue growth of ~44% YoY due to a pick-up in execution of projects. On the other hand, GST adjusted revenue growth in the consumer durable (CD) was at ~15% YoY (vs reported growth of ~6% YoY) led by the same quantum of volume growth.
OutlookUnder our SOTP based valuation, we value BEL’s CD segment MCap at 2x FY20E sales (~30% discount to peers) and E&P segment at 7x FY20E EV/EBITDA. We maintain our BUY rating with a revised target price of | 650/share.
For all recommendations report, click here
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