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Last Updated : Jun 13, 2019 04:11 PM IST | Source: Moneycontrol.com

Buy Power Grid Corporation; target of Rs 245: Dolat Capital

Dolat Capital is bullish on Power Grid Corporation has recommended buy rating on the stock with a target price of Rs 245 in its research report dated May 31, 2019.

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Dolat Capital's research report on Power Grid Corporation


PGCIL’s Q4FY19 results were more than our estimates, as year-end accounting adjustments contributed to PAT. PGCIL is a good defensive stock, with growth built in by the strong capitalization, which has peaked in recent years, leading to stronger cash flows. Given lower capex guidance in FY20, we trim our FY20/21 sales and earnings estimates by 4-6%.


Outlook


The regulatory overhang has also passed, with the CERC retaining RoEs at 15.5%. We maintain a Buy rating, with a TP of `240, a valuation of P/BV 1.7x FY20E.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.




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First Published on Jun 13, 2019 04:11 pm
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