Sharekhan is bullish on Bharat Electronics has recommended buy rating on the stock with a target price of Rs 140 in its research report dated November 05, 2019.
Sharekhan's research report on Bharat Electronics
We expect revenue and earnings to clock CAGR of 14.4% and 7.7% (owing to high base effect led by execution of EVM order in FY2019) during FY2019-2021E. Order book remains robust at Rs. 56,178 crore, at 4.6x of FY2019 revenue provides strong earnings visibility, however timely execution remains a key. BEL reported a poor show in Q2FY2020 as revenue; EBITDA and PAT were lower by 19%, 36% and 41% y-o-y respectively owing to absence of significant EVM order which was in base quarter.
We reiterate our Buy rating on Bharat Electronics Limited (BEL) with unchanged price target of Rs. 140.
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