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BHARATFORG Share Price Target
Bharat Forge Ltd.
Sector: Engineering
Sector: Engineering
BHARATFORG Share Price *
444.85 +3.25 (0.74%)
* (quote may be delayed)
BHARATFORG Share Price Forecast - Consensus
| No. of reports in last year | 15 |
| No. of analysts | 5 |
| Average Consensus Forecast | 517.40 |
| Consensus Potential | 13.34% |
BHARATFORG Share Price Target - Broker Reports - 2019
Prabhudas Lilladher
8-Nov-19
Price @ Call: 444.08
Target: 453
HOLD
BHFC’s Q2FY20 revenues declined 25% YoY (-6.5% QoQ) to Rs12.6bn (in- line), wherein shipment tonnage declined ~23% YoY (lower 12% QoQ), while net realizations declined 2.4% YoY (+6.3% QoQ) on account of a weak product mix. Operating performance were in-line with EBITDA at Rs3.2bn (PLe: Rs3.34bn). While the management plans to neutralize the impact of current OEM production decline by way of higher content per vehicle and increasing market share, it seems like a long drawn strategy and we expect domestic auto segment revenues to continue remain weak even in 2HFY20. The commissioning of its Baramati, Nelor and other capacity, ramping up of which will have an impact on margins over FY20/21E. We cut FY20/21 EPS estimates by 4.9%/1% and maintain Hold with a target price of Rs453 (earlier Rs430, based on 18x Sepr’21E Consolidated EPS.
Prabhudas Lilladher
11-Oct-19
Price @ Call: 423.75
Target: 430
HOLD
customer addition in passenger car and ramp-up of new businesses would dilute the impact of weak CV segment. BHFC continues to focus on technology and intends to transform itself as component supplier to a solution provider. We believe ramp up in non-auto exports and increase in share of passenger car segment should partially negate impact of CV business slowdown. We maintain Hold with a target price of Rs430, based on 18x Mar-21E consolidated EPS.
Karvy Stock Broking
3-Oct-19
Price @ Call: 445.46
Target: 498
HOLD
Geojit Financial Services
19-Aug-19
Price @ Call: 399.23
Target: 376
REDUCE
However BFL’s strategy to shift into new technological products owing to change in regulation and ramp-up in electric vehicle globally will bring value migration per vehicle in the long run. We lower our Revenue and PAT estimate for FY20 by 11% & 28% to factor in sharp contraction in earnings. We value BFL at 18x (1yr fwd basis)FY21E EPS and downgrade our rating from Buy to reduce with a revised target of Rs376.
Karvy Stock Broking
25-May-19
Price @ Call: 470.85
Target: 580
BUY
Retain BUY: At CMP of Rs460, BFL stock is quoting at PER of 17.5xFY21E earnings. We retain our BUY rating on the stock with a revised price target of Rs580 (PE of 22xFY20E – 25% discount to its 5 years 12M forward PE).
Geojit Financial Services
24-May-19
Price @ Call: 459.95
Target: 518
BUY
We expect the earning to grow by 19% for FY20E on the back of current order back log. After a strong growth in US truck sales for two consecutive years we are witnessing a 50% decline in average volume per month from Jan 2019 due to slowdown in global growth, affecting overseas subsidiaries margin. However BFL’s strategy to shift into new technological products owing to change in regulation and ramp up in electric vehicle globally will bring value migration per vehicle in the long run. We believe most of negatives have been factored in the price & current valuation look reasonable to its historical levels . We value BFL at 18x FY21E EPS and upgrade our rating to buy with a target price of Rs518.
ICICIdirect.com
23-May-19
Price @ Call: 466.15
Target: 535
BUY
For BFL, we factor in sales, EBITDA, PAT to grow at 3.1%, 4.4%, 7.2% CAGR, respectively, in FY19P-21E. We believe the company’s diversified productbase and strategy of improving wallet share will support growth prospects during expected CV down-cycle. We also derive comfort from BFL’s healthyreturn ratios and ~8% CFO yield. Valuing the stock at 21x FY21E EPS of Rs 25.5, we arrive at a target price of | 535 and retain our BUY rating.
Motilal Oswal
21-May-19
Price @ Call: 484.95
Target: 595
BUY
WehaveloweredourFY20/21consol.EPSby~10%/2%to factor in headwinds in key businesses. BHFC has delivered strong operating performance over the last two years, led by strong recovery in all its key segments (CVs in the US and India, and Oil & Gas) and ramp-up in nascent businesses like PVs, aerospace, defense, etc. However, all three key businesses are staring at weakness in FY21, though BHFC would continue to outperform due to new products/customers. Also, noise surrounding the US-China trade war has resulted in the stock correcting over 30% from the recent highs (despite PAT growth of ~35% in FY19). Post correction, valuations are attractive at 19.8x/18x FY20/21 consol. EPS. Maintain Buy with TP of ~INR595 (~22x Mar-21 consol EPS).
Prabhudas Lilladher
20-May-19
Price @ Call: 456
Target: 513
HOLD
The company has also increased its capex spend over FY19 & FY20 to Rs8.5bn for its Baramati, Nelor and other capacity expansions, ramping up of which will have an impact on margins over FY20/21E. Given that we are already at the down cycle for the class 8 truck market and revenues from other businesses are not sizeable enough still to compensate for the same, we maintain Hold with a target price of Rs513, based on 21x Mar’21E Standalone EPS.
Geojit Financial Services
19-Feb-19
Price @ Call: 457.25
Target: 494
HOLD
ICICIdirect.com
15-Feb-19
Price @ Call: 477.9
Target: 535
BUY
Prabhudas Lilladher
14-Feb-19
Price @ Call: 477.05
Target: 504
HOLD
Motilal Oswal
14-Feb-19
Price @ Call: 477.05
Target: 568
BUY
Karvy Stock Broking
14-Feb-19
Price @ Call: 477.05
Target: 583
BUY
BHARATFORG Share Price Target - Broker Reports - 2018
Geojit Financial Services
28-Dec-18
Price @ Call: 505.67
Target: 579
BUY
ICICIdirect.com
13-Nov-18
Price @ Call: 588.26
Target: 700
BUY
Prabhudas Lilladher
5-Nov-18
Price @ Call: 607.05
Target: 696
ACCUMULATE
Geojit Financial Services
31-Aug-18
Price @ Call: 670.05
Target: 751
BUY
Edelweiss
27-Aug-18
Price @ Call: 643.15
Target: 710
BUY
Motilal Oswal
10-Aug-18
Price @ Call: 630.95
Target: 747
BUY
ICICIdirect.com
10-Aug-18
Price @ Call: 633.21
Target: 720
BUY
Kotak Securities
12-Jul-18
Price @ Call: 634.5
Target: 600
SELL
Motilal Oswal
23-May-18
Price @ Call: 678.35
Target: 806
BUY
Edelweiss
23-May-18
Price @ Call: 689.08
Target: 930
BUY
Prabhudas Lilladher
22-May-18
Price @ Call: 692.7
Target: 760
ACCUMULATE
Geojit Financial Services
13-Mar-18
Price @ Call: 735
Target: 789
HOLD
Edelweiss
9-Feb-18
Price @ Call: 760.7
Target: 930
BUY
Prabhudas Lilladher
8-Feb-18
Price @ Call: 743.6
Target: 837
ACCUMULATE
Motilal Oswal
8-Feb-18
Price @ Call: 743.6
Target: 880
BUY
BHARATFORG Share Price Target - Broker Reports - 2017
Geojit Financial Services
27-Dec-17
Price @ Call: 729
Target: 810
BUY
KRChoksey
13-Nov-17
Price @ Call: 697.1
Target: 840
ACCUMULATE
Geojit Financial Services
10-Nov-17
Price @ Call: 718.9
Target: 792
BUY
Motilal Oswal
9-Nov-17
Price @ Call: 728.25
Target: 844
BUY
Prabhudas Lilladher
9-Nov-17
Price @ Call: 725.48
Target: 784
ACCUMULATE
AnandRathi
16-Oct-17
Price @ Call: 639.85
Target: 815
BUY
Axis Direct
18-Aug-17
Price @ Call: 593.05
Target: 664.5
BUY
KRChoksey
17-Aug-17
Price @ Call: 592.5
Target: 633.5
BUY
ICICIdirect.com
14-Aug-17
Price @ Call: 581.2
Target: 675
BUY
Kotak Securities
11-Aug-17
Price @ Call: 576.55
Target: 500
SELL
Motilal Oswal
11-Aug-17
Price @ Call: 576.55
Target: 676.5
BUY
AnandRathi
7-Aug-17
Price @ Call: 577.5
Target: 750
BUY
AnandRathi
3-Jul-17
Price @ Call: 546
Target: 750
BUY
Geojit Financial Services
29-May-17
Price @ Call: 566
Target: 626
BUY
KRChoksey
25-May-17
Price @ Call: 557
Target: 588.5
ACCUMULATE
Edelweiss
24-May-17
Price @ Call: 542
Target: 684
BUY
Axis Direct
3-May-17
Price @ Call: 580.95
Target: 609
BUY
Kotak Securities
24-Apr-17
Price @ Call: 558.28
Target: 467.5
SELL
KRChoksey
9-Feb-17
Price @ Call: 483.5
Target: 563
BUY
ICICIdirect.com
9-Feb-17
Price @ Call: 507.5
Target: 575
BUY
Edelweiss
8-Feb-17
Price @ Call: 483.5
Target: 537.5
BUY
Edelweiss
4-Jan-17
Price @ Call: 459.9
Target: 537.5
BUY
BHARATFORG Share Price Target - Broker Reports - 2016
KRChoksey
9-Nov-16
Price @ Call: 425
Target: 462
ACCUMULATE
ICICIdirect.com
9-Nov-16
Price @ Call: 440
Target: 500
BUY
Axis Direct
9-Nov-16
Price @ Call: 425
Target: 466
BUY
Prabhudas Lilladher
8-Nov-16
Price @ Call: 425
Target: 478.5
BUY
Kotak Securities
29-Sep-16
Price @ Call: 463.4
Target: 417.5
SELL
Geojit Financial Services
26-May-16
Price @ Call: 742
Target: 830
BUY
Motilal Oswal
19-May-16
Price @ Call: 728.41
Target: 903
BUY
JM Financial
18-May-16
Price @ Call: 740
Target: 820
HOLD