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Last Updated : Jul 02, 2020 04:46 PM IST | Source: Moneycontrol.com

Buy Bharat Electronics; target of Rs 108: Motilal Oswal

Motilal Oswal is bullish on Bharat Electronics recommended buy rating on the stock with a target price of Rs 108 in its research report dated June 30, 2020.

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Motilal Oswal 's research report on Bharat Electronics


Bharat Electronics (BHE)’s 4QFY20 earnings came in higher than estimated, led by a strong uptick in margins. While revenue was in-line, the major surprise was the EBITDA margin coming in at 25.5% v/s our estimate of 20.5%. Thus, net profit was 26% above our estimate. Adjusted for EVM/VVPAT orders in the base year, execution was strong at 56%/37% for 4QFY20/FY20. The EBITDA margin tends to be volatile on a quarterly basis as it depends on the sales mix between deliverables.


Outlook


The current order book is strong at INR520b, with an OB/rev ratio of 4.1x. We tweak our FY21/FY22E EPS by -6%/+2%. Maintain Buy, with revised TP of INR108.



For all recommendations report, click here

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First Published on Jul 2, 2020 04:46 pm
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