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Bharat Dynamics IPO: Attractively priced; Subscribe

Nirmal Bang | 13 Mar, 2018  | Follow Author | Add to my Favourites 
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Valuation and Recommendation

BDL has demonstrated strong execution skills having grown its sales at 30% CAGR over FY15-17. Being the sole manufacturer of SAM (Surface to Air Missile) & ATGM (Anti-Tank Guided Missile), BDL possesses huge growth  opportunities  in  the  Indian  defense  industry  with  the government  now  adopting  a  multi-pronged  approach  towards indigenization including the new DPP 2016 which focuses on developing domestic manufacturing capabilities. A strong  order book  of  Rs. 10,543 Cr  ensures  sales  visibility  (Order  book-to-Sales  of  2.2x).   On  the valuation front, at the  given upper price band  of Rs.  428,  BDL  is  being offered at PE of  11.3x / 15.9x its  FY17 /  FY18E  EPS and EV / EBITDA  of 7.9x / 9.4x its FY17 / FY18E EBITDA. Based on the business capabilities, growth prospects and valuations, we believe BDL is attractively priced and recommend subscribing to the issue.

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About Nirmal Bang

Founded in 1986 by Nirmal Bang, the Nirmal Bang is recognized as one of the largest retail broking houses in India, providing an array of financial products and services. Their retail and institutional clients have access to products such as equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS. The Group is headed by Mr. Dilip Bang and Mr. Kishore Bang.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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