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BEL Share Price Target
Bharat Electronics Ltd.
Sector: Electronics
Sector: Electronics
BEL Share Price *
99.45 -3.05 (-2.98%)
* (quote may be delayed)
BEL Share Price Forecast - Consensus
| No. of reports in last year | 16 |
| No. of analysts | 8 |
| Average Consensus Forecast | 126.00 |
| Consensus Potential | 17.95% |
BEL Share Price Target - Broker Reports - 2019
Sharekhan
5-Nov-19
Price @ Call: 113.44
Target: 140
BUY
Valuation: Maintain Buy with PT of Rs 140: We expect revenue and earnings to clock CAGRs of 14.4% and 7.7% (owing to a high base effect led by execution of EVM order in FY2019), respectively during FY2019- 2021E. At the CMP, the stock is trading at 13.6x and 12.5x FY2020E and FY2021E earnings. Given a strong order book and expectation of healthy order intake pipeline, we maintain our Buy rating on the stock with a price target (PT) of Rs. 140.
Sharekhan
17-Sep-19
Price @ Call: 110.54
Target: 140
BUY
Maintain Buy with PT of Rs. 140: We expect revenue and earnings to report CAGRs of 14.4% and 7.7%, respectively, during FY2019-FY2021E. At the CMP, the stock is trading at 13.2x and 12.1x its FY2020E and FY2021E earnings, respectively. Any weakness from the government disinvestment programme can be considered as a good investment opportunity in the stock. Given a strong order book, expectation of a healthy order intake pipeline and reasonable valuation, we maintain our Buy rating on the stock with a PT of Rs. 140.
Motilal Oswal
17-Sep-19
Price @ Call: 110.54
Target: 127
BUY
We expect revenue/EBTDA/PAT growth of 14%/6%/3% over FY19-22. Muted PAT growth is attributable to the higher base of FY19 with an EBITDA margin of 23.7%. Our assumptions adequately factor in the margin concerns. Given the company’s current order backlog position, execution timelines and capabilities, we maintain our Buy rating with a TP of INR127 (16x Mar’21E EPS, in line with its 10-year average P/E multiple of 16.4x).
Prabhudas Lilladher
17-Sep-19
Price @ Call: 110.54
Target: 120
ACCUMULATE
This is likely to grow to 25% of revenues over the next 4-5 years. Working capital under stress due to customer’s budget constraint, but going ahead improvement in receivables is expected due to advances from recently won Akash Missile order. We have lowered EBITDA margin assumption and hence cut earnings by 7%/4% for FY20/21E respectively. The stock is currently trading at 15.2x/13.7x FY20/21E. We maintain Accumulate rating on stock with TP of Rs120.
Sushil Finance
9-Sep-19
Price @ Call: 109.99
Target: 139
BUY
ICICIdirect.com
1-Aug-19
Price @ Call: 99.34
Target: 135
BUY
We continue to derive comfort from a healthy order book backlog of | 51,715 crore providing future revenue visibility. Going ahead, BEL seems likely to derive higher revenues from non-defence segment like homeland security, cyber security and smart cities. The order book from this segment is roughly at ~| 1500 crore. These newer areas have the potential to contribute ~20% to the topline albeit with lower margins over the next three to five years. Overall, we remain positive on the company and expect it to report topline, EBITDA and PAT CAGR of 14.7%, 5.4%, 1.8%, respectively, over FY19-21E. We value the company at 16x P/E on FY21E earnings to arrive at a target price of Rs 135 per share. We maintain our BUY rating on the stock.
Sharekhan
31-Jul-19
Price @ Call: 98.4
Target: 140
BUY
Maintain Buy with PT of Rs. 140: We expect revenue and earnings to clock CAGRs of 14.4% and 7.7%, respectively during FY2019-2021E. At CMP, the stock is trading at 11.9x and 11.0x FY2020E and FY2021E earnings. Given a strong order book and expectation of a healthy order intake pipeline, we maintain our Buy rating on the stock with a price target (PT) of Rs. 140.
Motilal Oswal
31-Jul-19
Price @ Call: 98.4
Target: 130
BUY
Given the current order backlog position, execution timelines and capabilities of the company, we maintain a Buy rating on the stock with TP of INR130 (16x Mar’21E EPS, in line with its 10-year average P/E multiple of 16.8x).
Prabhudas Lilladher
30-Jul-19
Price @ Call: 92.85
Target: 120
ACCUMULATE
We have broadly maintained the numbers as we expect execution to pick up in subsequent quarters of the current financial year. The stock is currently trading at 12.7x/11.8x FY20/21E. We maintain Accumulate on the stock with TP of Rs120.
Geojit Financial Services
21-Jun-19
Price @ Call: 111.24
Target: 126
BUY
Currently, BEL is trading at 1 Year FWD P/E of 14x. Strong order backlog of Rs52,000cr (4.4x FY19 sales) provides clear visibility for next 3 years. Given BEL’s technological & execution capabilities, higher defence spending and GoI focus on indigenous procurement, we remain positive on BEL. Given upgrade in earnings, we value BEL at 14x on FY21E and maintain Buy rating on the stock with a target price of Rs126.
Prabhudas Lilladher
31-May-19
Price @ Call: 112.95
Target: 120
BUY
Major orders expected during FY20 are Akash Missile System (7 Sqdn) (Rs50 bn), Coastal Surveillance System (Rs15 bn) and Samyukta Upgrade (Rs5 bn). Revenue is expected to grow in the range of 13-15% which will include execution of LR- SAM project (deadline 4QFY20) which has relatively higher imported content. Hence, expected EBITDA margin to be in the range of 20-21%. The stock has rallied ~38% over the last three months and currently trading at 14.6x/13.6x FY20/21E. We recommend Accumulate on the stock with TP of Rs120.
ICICIdirect.com
31-May-19
Price @ Call: 112.31
Target: 135
BUY
With a healthy order backlog of | 51,798 crore, we expect execution momentum to continue in FY20E-21E. Going ahead, BEL is likely to derive higher revenues from non-defence segment like homeland security, cyber security and smart cities. Order book from this segment is roughly at ~Rs 1500 crore. These newer areas have potential to contribute ~20% to topline albeit with lower margins over the next three to five years. Accordingly, we remain positive on the company and expect it to report revenue, EBITDA and PAT CAGR of 15.2%, 6.6%, 2.9%, respectively, in FY20E-21E. We value the company at 16x P/E on FY21E earnings to arrive at a target price of Rs 135 per share. We maintain our BUY recommendation on the stock.
IIFL
5-Apr-19
Price @ Call: 97.21
Target: 120
BUY
Motilal Oswal
1-Feb-19
Price @ Call: 83.65
Target: 111
BUY
ICICIdirect.com
1-Feb-19
Price @ Call: 84.92
Target: 110
BUY
Kotak Securities
1-Feb-19
Price @ Call: 84.92
Target: 103
BUY
BEL Share Price Target - Broker Reports - 2018
Kotak Securities
10-Dec-18
Price @ Call: 80.4
Target: 103
BUY
Kotak Securities
31-Oct-18
Price @ Call: 91.39
Target: 103
BUY
ICICIdirect.com
29-Oct-18
Price @ Call: 87.5
Target: 105
BUY
Kotak Securities
8-Oct-18
Price @ Call: 77.43
Target: 96
BUY
Geojit Financial Services
3-Oct-18
Price @ Call: 83.26
Target: 97
BUY
Sharekhan
27-Sep-18
Price @ Call: 84.2
Target: 103
BUY
ICICIdirect.com
27-Sep-18
Price @ Call: 84.2
Target: 105
BUY
Edelweiss
26-Sep-18
Price @ Call: 76.05
Target: 110
BUY
Motilal Oswal
7-Sep-18
Price @ Call: 91.3
Target: 120
BUY
ICICIdirect.com
8-Aug-18
Price @ Call: 116.45
Target: 140
BUY
JM Financial
2-Aug-18
Price @ Call: 116.95
Target: 145
BUY
Sharekhan
2-Aug-18
Price @ Call: 116.95
Target: 145
BUY
ICICIdirect.com
2-Aug-18
Price @ Call: 116.95
Target: 140
BUY
Prabhudas Lilladher
1-Aug-18
Price @ Call: 115.95
Target: 150
BUY
Motilal Oswal
1-Aug-18
Price @ Call: 115.95
Target: 145
BUY
Edelweiss
1-Aug-18
Price @ Call: 115.95
Target: 175
BUY
Kotak Securities
1-Aug-18
Price @ Call: 118.66
Target: 135
BUY
Indiabulls Ventures
31-Jul-18
Price @ Call: 107.6
Target: 128
BUY
JM Financial
15-Jun-18
Price @ Call: 117.44
Target: 145
BUY
Kotak Securities
1-Jun-18
Price @ Call: 112.66
Target: 135
BUY
Prabhudas Lilladher
31-May-18
Price @ Call: 119
Target: 157
BUY
Motilal Oswal
31-May-18
Price @ Call: 115.69
Target: 150
BUY
Edelweiss
31-May-18
Price @ Call: 115.69
Target: 185
BUY
Edelweiss
24-Apr-18
Price @ Call: 137.35
Target: 185
BUY
Motilal Oswal
16-Apr-18
Price @ Call: 142.5
Target: 196
BUY
Sharekhan
3-Apr-18
Price @ Call: 145.57
Target: 180
BUY
Sharekhan
15-Mar-18
Price @ Call: 151.45
Target: 220
BUY
Kotak Securities
5-Feb-18
Price @ Call: 148.91
Target: 202
BUY
Edelweiss
31-Jan-18
Price @ Call: 177.25
Target: 230
BUY
Motilal Oswal
31-Jan-18
Price @ Call: 177.25
Target: 210
BUY
BEL Share Price Target - Broker Reports - 2017
Geojit Financial Services
27-Dec-17
Price @ Call: 186.5
Target: 216
BUY
Religare
24-Nov-17
Price @ Call: 186.63
Target: 217
BUY
Motilal Oswal
21-Nov-17
Price @ Call: 179.6
Target: 210
BUY
ICICIdirect.com
8-Nov-17
Price @ Call: 180.2
Target: 215
BUY
Sharekhan
2-Nov-17
Price @ Call: 185.33
Target: 220
BUY
Kotak Securities
1-Nov-17
Price @ Call: 184.8
Target: 202
ACCUMULATE
Edelweiss
1-Nov-17
Price @ Call: 185.93
Target: 240
BUY
Geojit Financial Services
29-Sep-17
Price @ Call: 163.85
Target: 195
BUY
Prabhudas Lilladher
27-Sep-17
Price @ Call: 165.68
Target: 194.55
BUY
ICICIdirect.com
22-Sep-17
Price @ Call: 166.83
Target: 176.36
HOLD
Motilal Oswal
11-Sep-17
Price @ Call: 171.18
Target: 195.45
BUY
SMC Research
26-Aug-17
Price @ Call: 169.78
Target: 193.64
BUY
ICICIdirect.com
2-Aug-17
Price @ Call: 182
Target: 194
HOLD
Motilal Oswal
1-Aug-17
Price @ Call: 179
Target: 210
BUY
Edelweiss
31-Jul-17
Price @ Call: 162.73
Target: 204.55
BUY
ICICIdirect.com
7-Jun-17
Price @ Call: 154.55
Target: 185.45
BUY
Sharekhan
31-May-17
Price @ Call: 154.77
Target: 163.64
HOLD
Edelweiss
30-May-17
Price @ Call: 170
Target: 200
BUY
ICICIdirect.com
20-Apr-17
Price @ Call: 179
Target: 204
BUY
Edelweiss
6-Apr-17
Price @ Call: 149.87
Target: 181.82
BUY
ICICIdirect.com
31-Jan-17
Price @ Call: 155
Target: 165.1
HOLD
BEL Share Price Target - Broker Reports - 2016
HDFC Securities
1-Dec-16
Price @ Call: 13.02
Target: 13.86
BUY
Kotak Securities
2-Nov-16
Price @ Call: 11.83
Target: 13.05
ACCUMULATE
Kotak Securities
27-Oct-16
Price @ Call: 11.47
Target: 13.86
BUY
ICICIdirect.com
26-Sep-16
Price @ Call: 11.45
Target: 14.18
BUY
IIFL
23-Sep-16
Price @ Call: 11.46
Target: 13.64
BUY
Prabhudas Lilladher
23-Sep-16
Price @ Call: 11.42
Target: 13.64
BUY
Motilal Oswal
23-Sep-16
Price @ Call: 11.42
Target: 13.18
BUY
Geojit Financial Services
22-Sep-16
Price @ Call: 11.38
Target: 12.32
BUY
Prabhudas Lilladher
8-Aug-16
Price @ Call: 11.27
Target: 13.22
ACCUMULATE
Edelweiss
8-Aug-16
Price @ Call: 11.29
Target: 14.09
BUY