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Hold Bajaj Electricals; target of Rs 1275: ICICI Direct

ICICI Direct recommended hold rating on Bajaj Electricals with a target price of Rs 1275 in its research report dated November 09, 2022.

November 13, 2022 / 08:19 PM IST
 
 
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ICICI Direct's research report on Bajaj Electricals


Bajaj Electricals' business portfolio spans across consumer products (CP) and EPC (illumination, power transmission and power distribution). CP (appliances, fans, lighting) contributes ~78% to topline. Its premium brands include Morphy Richards and Nirlep. The company has over 2.3 lakh retail touch points across India • The company has been reducing exposure to the EPC business with maximum focus on executing high margin business.


Outlook


We revise our rating on the stock from BUY to HOLD. We value Bajaj Electrical (BEL) at Rs 1275 using SOTP i.e. 40x and 6x PE for CP and EPC, respectively, on FY24E EPS each.


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Bajaj Electricals - 10 -11-2022 - icici

Broker Research
first published: Nov 13, 2022 08:19 pm