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BHARAT ELECTRONICS LTD (BEL)
PRICE: RS.2077 RECOMMENDATION: REDUCE
TARGET PRICE: RS.2150 FY16E P/E: 14.0X
BEL is the market leader in the defence electronics industry space.
Anticipating increase in private competition into its space, the company has
1) increased its R&D share to develop more products 2) improved employee
productivity. While these are positive developments, we highlight reduction
in cash flow and decline in order book as near term concerns.
The BEL stock has rallied in the past few weeks on the back of higher FDI in
defence sector. We thus revise our rating from Accumulate to REDUCE with
a revised target price of Rs 2150 (Rs 1995 earlier), thus valuing the stock at
14x FY16 earnings.
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
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BHARAT ELECTRONICS LTD (BEL)
PRICE: RS.2077 RECOMMENDATION: REDUCE
TARGET PRICE: RS.2150 FY16E P/E: 14.0X
BEL is the market leader in the defence electronics industry space.
Anticipating increase in private competition into its space, the company has
1) increased its R&D share to develop more products 2) improved employee
productivity. While these are positive developments, we highlight reduction
in cash flow and decline in order book as near term concerns.
The BEL stock has rallied in the past few weeks on the back of higher FDI in
defence sector. We thus revise our rating from Accumulate to REDUCE with
a revised target price of Rs 2150 (Rs 1995 earlier), thus valuing the stock at
14x FY16 earnings.
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
LINK
http://www.kotaksecurities.com/pdf/dmb/MorningInsight08092014sl.pdf
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