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.
For all recommendations report, click here
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