BSE Code: | NSE Code: | ISIN: | Sector:
Research Report Detail
|Report Date||Call||Price@Call||Target Price
|Current Status||Time Horizon|
CLSA downgrades Bharat Forge to sell
Company's operational outlook has weakened significantly. Extent of slowdown in exports has surprised us negatively. Company has good structural drivers given improving capabilities. Have cut FY2016-18 earnings per share estimates by 7-26 per cent and are now 9-21 per cent below consensus. Valuations should contract sharply from 22times FY17 estimated price earnings multiple. Stock has come off from its peak but we see further downside.