- Home
- COCHINSHIP
- COCHINSHIP Price Target
COCHINSHIP
501234567895012345678950123456789.5012345678900123456789
-16.85 (-2.94%)
NSE Volume
16.5L+
Broker Reports
BUY
BUY
BUY
Given improvement in order book visibility, capacity expansion and strong execution capabilities, we continue to maintain our positive view on the stock. We value CSL at a P/E multiple of 6x on FY21E with a target price of Rs301 and maintain BUY rating.
BUY
CSL continues to have a solid order book of | 8,050 crore. It is also likely to receive order for phase III of IAC, which is likely to be ~| 10,270 crore (| 3000 crore as fixed price contract and | 7270 crore as cost-plus contract) in a month or two. This takes the total order backlog to | 18,320 crore. In FY20E, we expect CSL to book significant revenues on the SB side, due to execution of current order book plus lumpy execution from the ‘cost-plus’portion of IAC phase III. SB revenues are expected to grow at 23.3% CAGR while shiprepair is expected to slightly decline at 3.2% CAGR, in FY19-21E. We expect overall margins to get diluted in FY20E-21E due to higher contribution from the SB side. Thus, we estimate revenue, EBITDA and PAT CAGR of 16.5%, 12.1% and 5.1%, respectively, in FY19-21E. On the whole, we maintain our BUY recommendation on the stock and value CSL at 11x FY21E earnings for a target price of Rs 440/share.
BUY
CSL has a healthy order book of | 8536 crore (adding ship repair orders of ~| 250 crore). It is also likely to receive order for phase III of IAC, which is likely to be ~| 10,270 crore (| 3000 crore as fixed price contract and | 7270 crore as cost-plus contract). This takes the total order backlog to | 18,806 crore. In FY20-21E, we expect CSL to book significant revenues on the SB side, due to execution of current order book plus lumpy execution from the‘cost-plus’ portion of IAC phase III. Thus, SB and SR revenues are likely togrow at 25.9% and -3.2% CAGR respectively, in FY20-21E. We expect overall margins to get diluted in FY20E-21E due to higher contribution from SB side. Thus, we estimate revenue, EBITDA and PAT CAGR of 18.5%, 14% and 6.8%, respectively, in FY20-21E. We value CSL at 11x FY21E earnings to arrive at target price of Rs 455/share. We maintain BUY recommendation on the company.
BUY
CSL has a healthy order book of | 1607 crore plus L1 status for ASW vessels (| 5392 crore). It is also likely to receive order for phase III of IAC, which is likely to be Rs 10,270 crore (| 3000 crore as fixed price contract and | 7270 crore as cost-plus contract). This takes the total order backlog to Rs 17,569 crore (adding ship repair orders of ~| 300 crore). In FY19E- 20E, we expect CSL to book significant revenues on the SB side, due to execution of current order book plus lumpy execution from the ‘cost-plus’ portion of IAC phase III. Thus, SB and SR revenues are likely to grow at 25% and 6.4% CAGR over FY18-21E. We expect overall margins to get diluted in FY19E-21E due to higher contribution from SB side. Thus, we estimate revenue, EBITDA and PAT CAGR of 20.6%, 16.2% and 8.8%, respectively, in FY18-21E. We value CSL at 11x FY21E earnings to arrive at target price of Rs 410/share. We maintain BUY recommendation on the company.
BUY
BUY
BUY
HOLD
BUY
ACCUMULATE
BUY
BUY
BUY
BUY
BUY
BUY
About
Cochin Shipyard Ltd.
NSE: COCHINSHIP | BSE: 540678 | ISIN: INE704P01017 | Sector: Shipping
Create your account on Frontpage
Join 2,00,000 Indian traders and discuss trades, strategies, news & views on any stock.