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Buy Ramkrishna Forgings: target of Rs 940: Sharekhan

Sharekhan is bullish on Ramkrishna Forgings has recommended buy rating on the stock with a target price of Rs 940 in its research report dated July 26, 2021.

July 27, 2021 / 11:41 AM IST
 
 
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Sharekhan's research report on Ramkrishna Forgings


Q1FY2021 results were ahead of our expectations, aided by EBITDA margin expansion on a richer product mix and price hikes. Earnings to report a strong 146% CAGR over FY2021-FY2023E, driven by a 26.5% CAGR in domestic revenue, 38.6% CAGR in export revenue, and a 170 bps rise in EBITDA margin over FY2021-FY2023E. The stock trades at P/E multiple of 15.4x and EV/EBITDA multiple of 7.2x its FY2023E estimates.



Outlook


We maintain our Buy rating on Ramkrishna Forgings Limited (RKFL) with a revised PT of Rs. 940, led by a strong commercial vehicle (CV) business outlook in India, Europe, and North America and an earnings upgrade.


For all recommendations report, click here


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first published: Jul 27, 2021 11:41 am

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