Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
IPO News

| More

Bharat Dynamics Ltd - IPO Note - Angel Broking

Posted On: 2018-03-09 10:00:51

Incorporated in 1970, Bharat Dynamics Limited (BDL), a Government of India (GOI) Enterprise under the Ministry of Defense (MOD) was established in Hyderabad to be a manufacturing base for guided missiles and allied defense equipment. BDL, a Miniratna Category-I Public Sector Unit (PSU), is amongst the few industries in the world having capabilities to produce state-of-the-art guided weapon systems.

Healthy order book indicates strong revenue visibility: BDL current order book stands at Rs. 10,543cr, comprising the Akash Weapon System, LR SAM, MR SAM, INVAR (3 UBK 20) ATGM and the Konkurs-M ATGM. This puts the revenue visibility for next two years at 2.2x (on FY17 revenues of Rs. 4,832cr). Going forward, the strong order book will further help the BDL to boost its top-line.

Offering wide Range of Products: BDL is one of the leading defence PSUs in India, engaged in the manufacture of Surface to Air missiles, Anti Tank Guided Missiles, under water weapons, launchers, counter measures and test equipment.

Additionally, BDL is also involved in the business of refurbishment and life extension of missiles manufactured. BDL is co-development partner with the DRDO for the next generation of ATGMs & SAMs, and capable of catering to India's emerging guided missile and torpedo requirement.

BDL to benefit from Make in India initiative: The government's new thrust towards Make in India seeks to fast-track defence procurements with indigenous manufacturing being given the highest priority. This would benefit the defence players like BDL.

Outlook & Valuation: In terms of valuations, the pre-issue P/E works out to 22.7x 1HFY2018 annualized earnings (at the upper end of the issue price band), which is lower compared to BDL's peers like Bharat Electron and Apollo Micro System (trading at 33.6x and 40.7x of its 1HFY2018 annualized earnings respectively). Further, BDL has a strong order book and revenue visibility, coupled with superior return ratios compared to peers. Hence, considering the above positive factors including growth in the defence industry, we recommend SUBSCRIBE on the issue.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

IPO of Spectrum Electrical Industries Limited Opens on September 17, 2018

Ahlada Engineers IPO opens for subscription on Sep 11, 2018

Rajshree Polypack Ltd NSE SME IPO to open for subscription on Sep 10, 2018

Marquee investor, Sunil Singhania's Abakkus Growth Fund - 1 invests in Rajshree Polypack Limited as Anchor Investor

Equity shares of CreditAccess Grameen Limited to list on Aug 23, 2018

TCNS Clothing Company Ltd to list on July 30, 2018

HDFC AMC IPO receives subscription of 83.04 times

HDFC Asset Management Co - IPO Note - Angel Broking

TCNS Clothing Company Limited - IPO Note - Angel Broking

Rajnish Wellness Ltd IPO to hit markets on June 25, 2018

Varroc Engineering Limited IPO to open for subscription on June 26, 2018

RITES Limited IPO receives overwhelming response from investors

Fine Organic Industries Limited IPO receives subscription of 8.99 times

Varroc Engineering Ltd - IPO Note - Angel Broking

RITES Ltd - IPO Note - Angel Broking

Fine Organic Industries Ltd - IPO Note - Angel Broking

Avana Logistek Ltd files DRHP with SEBI for IPO

IndoStar Capital Finance Ltd - IPO Note - Angel Broking

IndoStar Capital Finance Limited Offer opens on May 9, 2018

IPO Note - SoftTech Engineers Ltd - Arihant Capital Markets Ltd

Hindustan Aeronautics Ltd to list on March 28, 2018

Expectations high on listing of Bandhan Bank shares tomorrow

Mishra Dhatu Nigam Limited IPO receives subscription of 1.21 times

Lemon Tree Hotels Limited - IPO Note - Angel Broking

Mishra Dhatu Nigam Ltd - IPO Note - Sushil Finance

ICICI Securities Ltd - IPO Note - Sushil Finance

Lemon Tree Hotels Ltd - IPO Note - Sushil Finance

Mishra Dhatu Nigam Ltd - IPO Note - Angel Broking

Mishra Dhatu Nigam Ltd - IPO Note - Avoid - Hem Securities

ICICI Securities Ltd - IPO Note - SSJ Finance & Securities

Mishra Dhatu Nigam Ltd - IPO Note - Subscribe - SSJ Finance & Securities

IPO Note: MISHRA DHATU NIGAM LTD - NOT RATED - Kotak

IPO Note: ICICI Securities Ltd - SUBSCRIBE - Kotak

IPO: Mishra Dhatu Nigam Ltd - IIFL

Sandhar Technologies Limited - IPO Note - Angel Broking

Hindustan Aeronautics LTD - IPO Note - HEM Securities

ICICI Securities IPO to open for subscription on Mar 22, 2018

IPO Note: Sandhar Technologies Ltd - SUBSCRIBE - Kotak

IPO Note: Hindustan Aeronautics Ltd - SUBSCRIBE - Kotak

Bandhan Bank Ltd - IPO Note - Subscribe - HEM Securities

HDFC Asset Management Company Ltd files DRHP for IPO

Bandhan Bank Ltd - IPO Note - Subscribe - SSJ Finance

Bandhan Bank Limited - IPO Note - Angel Broking

IPO of ICICI Securities Ltd to open on March 22, 2018

Bharat Dynamics Ltd - IPO Note - SUBSCRIBE - Kotak

Bharat Dynamics Ltd - SUBSCRIBE - IPO Report - HEM SECURITIES

Bandhan Bank Ltd - IPO NOTE - Arihant Capital Markets

Bharat Dynamics Ltd - SUBSCRIBE - IPO Note - SSJ Finance

Sarveshwar Foods Limited - IPO NOTE - Arihant Capital Markets

H.G. Infra Engineering Ltd - AVOID - IPO Update - SSJ Finance





Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018