Buy BEL, target Rs 1,557: Citigroup
The beat at EBIT level was higher than that at PAT level which points to a good quality beat. The dividend payout ratio was at 29 per cent which is higher than the historical 20 per cent.
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| Updated: Citigroup maintained buy on Bharat Electronics post-March quarter results with a 12-month target price of Rs 1557.
The global brokerage firm like BEL's robust inflows, major FY17 orders are in the pipeline, and a decent improvement in working capital augers well for the stock.
The beat at EBIT level was higher than that at PAT level which points to a good quality beat. The dividend payout ratio was at 29 per cent which is higher than the historical 20 per cent.
The global brokerage firm is of the view that earnings per share (EPS) CAGR of 16 per cent in FY15-18E will be driven by a structural paradigm shift in biz prospects.
The global brokerage firm like BEL's robust inflows, major FY17 orders are in the pipeline, and a decent improvement in working capital augers well for the stock.
The beat at EBIT level was higher than that at PAT level which points to a good quality beat. The dividend payout ratio was at 29 per cent which is higher than the historical 20 per cent.
The global brokerage firm is of the view that earnings per share (EPS) CAGR of 16 per cent in FY15-18E will be driven by a structural paradigm shift in biz prospects.
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