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Last Updated : Aug 09, 2020 09:01 AM IST | Source: Moneycontrol.com

Buy Bharat Electronics; target of Rs 112: Geojit

Geojit recommended is bullish on Bharat Electronics has recommended buy rating on the stock with a target price of Rs 112 in its research report dated August 03, 2020.

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Geojit's research report on Bharat Electronics


Q1FY21 Revenue & PAT declined by 21% & 74% YoY on account of disruptions due to lockdown. EBITDA declined by 58% YoY and margin fell by 780bps YoY to 8.8% due to weak execution. Order inflow grew by 72% led by Ventilators, smart city projects and Advance Torpedo defence systems. The current order back log is Rs53,752cr (4.3x FY20 sales) provides strong earning visibility for next 3 years. We continue to remain constructive on BEL in long term given its niche technological & execution capabilities and government focus on indigenisation.


Outlook


Given strong order book visibility and stable order inflow, we maintain "Buy" rating on stock. We value BEL at 13x on FY22E with a revised target price of Rs112.


For all recommendations report, click here


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First Published on Aug 9, 2020 09:01 am
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