[sharetrading] BHEL [1 Attachment]

 

[Attachment(s) from ekam ber included below]

 

Anagram's Earning Review : BHEL Q3 FY10

Valuation & Recommendation.  

 

For the 12^th Plan, Govt, has set up target of 1, 00,000 Mw, out of which  orders for 32000 MW has been already been awarded. BHEL has been able grab 55% of shares for those orders

 

Visibility remains strong as BHEL posses strong order backlog of Rs. 1, 34,000 Crore which translates into strong revenue visibility for next 3-4 years. In recent times, the company has been successful in grabbing orders from private players as it appears that the company may have captured some market share from Chinese companies

 

 We have not changed out estimates for FY10E & FY11E as we believe the company will show some strong performance.

 

At CMP, stock trades 18.87x FY11E earnings with an EPS of Rs. 126. We recommended Accumulate rating on the stock.

 

 

 

 

 

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BHEL - Anagram - 23 01 10.PDF

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