Edelweiss' report on Bharat Electronics
BEL has transformed from being a mere sub-system company to emerge a systems integrator, which has positively surprised Street and resulted in solid 16% earnings upgrade in past 2 years.
Outlook
While current consensus earnings expectation of 12% (FY16-19E) seems conservative, we believe BEL is well set to surprise Street as execution picks up, given improved revenue visibility & better execution capability in systems integration. With rising Govt focus for procurement of strategic systems like SAMs, we expect BHE to benefit materially over 12-24 months. Maintain ‘BUY/SO’ with TP of INR 200.
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