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Last Updated : Feb 27, 2017 10:39 AM IST | Source:

Buy Va Tech Wabag; target of Rs 664: Axis Direct

Axis Direct is bullish on Va Tech Wabag has recommended buy rating on the stock with a target price of Rs 664 in its research report dated February 22, 2017.

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Axis Direct's report on Va Tech Wabag


Q3FY17 revenue grew 14% YoY driven by strong growth in international projects (up 31% YoY); domestic revenue was almost flat YoY. Strong EBITDA margin at 11.4% (up 430 bps YoY) was driven by procurement & engineering efficiencies in international projects and provision reversal in the Oman project.


Company maintained its FY17 revenue guidance at Rs 30-32 bn (up 18-25%) and order inflow at Rs 40-42 bn (down 16-20%). Management highlighted the international order pipeline remains robust and tendering activity in domestic market has also picked up in Q3FY17. We maintain our FY17 and FY18 EPS at Rs 23 and Rs 33. Our TP stands at Rs 664 (20x FY18E).

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First Published on Feb 27, 2017 10:39 am
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