KEC International

KEC International: Healthy Order Book; Better Execution To Drive Growth

Equity Bottom-Up
122 Views, 06 Dec 2021 17:05
EXECUTIVE SUMMARY
  • The company has a robust order book position and L1 of over Rs 29,000 Cr with T&D and Non-T&D share at 52:48
  • The company continues to sharply focus on international T&D orders as it foresees notable international opportunities in its various operating regions
  • We value KEC International at 14x FY23E EPS to arrive at a target price of Rs490/share, implying an upside of 13% from CMP. We, therefore, change our rating from HOLD to BUY.
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