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Buy Bharat Forge; target of Rs 1000: ICICI Direct

ICICI Direct is bullish on Bharat Forge recommended buy rating on the stock with a target price of Rs 1000 in its research report dated November 15, 2022.

November 24, 2022 / 03:41 PM IST
 
 
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ICICI Direct's research report on Bharat Forge


Bharat Forge (BFL) is India’s leading auto component exporter with strong engineering, technological competencies in forging and metallurgy. With total capacity of 6.83 lakh MT per annum, its products find application in domestic, exports markets across PV, CV, oil & gas, construction & mining, power, defence, etc. FY22 standalone segment mix – ~30% CV, ~47% Industrial, ~12% PV • FY22 standalone export mix - ~68% America, ~29% Europe, ~3% other.


Outlook


We retain BUY amid robust order wins in the domestic business, increasing traction being witnessed in the defence space and margin expansion on anvil amid decline in RM prices as well as operating leverage gains. Revising our estimates, we now value BFL at a revised target price of Rs 1,000 i.e. 35x P/E on FY24E EPS (earlier target price Rs 900).


For all recommendations report, click here

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Bharat Forge - 15 -11-2022 - icici
Broker Research
first published: Nov 24, 2022 03:41 pm