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Last Updated : Sep 03, 2014 03:20 PM IST | Source: Moneycontrol.com

Buy Patel Engineering; target of Rs 117: Firstcall

Firstcall research is bullish on Patel Engineering and has recommended buy rating on the stock with a target of Rs 117 in its September 3, 2014 research report.

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Firstcall research report on Patel Engineering

Patel Engineering was incorporated in 1949, with an objective to cater to the infrastructural needs of a growing nation. The company provides a wide range of civil engineering services involved in design and construction of power projects, hydroeletric projects, commercial building, industrial complexes, dams, tunnels, underground structures, steel and concrete structures, bridges, marine works, flyovers and national highways in India and abroad.

It has an experience of 75 dams, 30 hydro electric projects, 30 micro tunneling projects and 250 Km of tunneling, etc.


>>At the current market price of Rs.97.50, the stock P/E ratio is at 26.98 x FY15E and 20.28 x FY16E respectively.

>>Earnings per share (EPS) of the company for the earnings for FY15E and FY16E are seen at Rs. 3.61 and Rs. 4.81 respectively.

>>On the basis of EV/EBITDA, the stock trades at 7.39 x for FY15E and 7.28 x for FY16E.

>>Price to Book Value of the stock is expected to be at 0.46 x and 0.45 x respectively for FY15E and FY16E.

We recommend ‘BUY’ in this particular scrip with a target price of Rs. 117.00 for Medium to Long term investment.

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First Published on Sep 3, 2014 03:20 pm