Dilip Buildcon Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for DBL, BSE:540047 Dilip Buildcon Ltd.

Dilip Buildcon Ltd.

06 Aug 2019

498.75

2.06%

Dilip Buildcon (1QFY20): Asset monetization key trigger. Maintain BUY

Buy: Dilip Buildcon Ltd.

Target

HDFC Securities

DBL has established itself as strong executioner though it has come at cost of balance sheet distress. Benefits of early completion bonus have not kept pace with high interest outgo on inventory built up. DBL owned HAM projects are in advance stages of monetization with first bunch of 5 assets expected to be sold during 2QFY20. This is key for DBL re-rating. We maintain BUY with a cautious approach on debt built up. We maintain BUY on DBL, with a reduced TP of Rs 720/sh (vs. Rs 737/sh earlier). We retain our target EPC multiple at 12x FY21E EPS to factor in limited headroom on debt reduction. Large part of cash generation will go towards meeting pending equity requirement for under-construction HAM projects.

Dilip Buildcon Ltd.'s price crossed above 30Day SMA today

Dilip Buildcon Ltd.

06 Aug 2019

498.75

2.06%

Dilip Buildcon (BUY): Delayed appointed dates continue to hurt revenue

Buy: Dilip Buildcon Ltd.

Target

BOB Capital Markets Ltd.

Dilip Buildcon (DBL) reported below-expected Q1FY20 revenue at Rs 23bn, down 6% YoY, due to execution constraints from delays in award of appointed dates for HAM projects.

Dilip Buildcon Ltd. is trading above all available SMAs

Dilip Buildcon Ltd.

15 May 2019

498.75

2.06%

DILIP BUILDCON LIMITED

Buy: Dilip Buildcon Ltd.

Recommendation Target

Geojit BNP Paribas

DBL received appointed date for five HAM projects and expects to receive the remaining seven projects in H1FY20. Total order book remain strong at Rs21,172cr which is 2.3x FY19 revenue while mobilization advance is required to de-leverage increasing debt. We reduce the valuation multiple for EPC business to 10x P/E (13x earlier) to factor delayed execution & high debt and HAM business at 1x P/B of invested equity with a TP of Rs681 and due to recent...

Dilip Buildcon Ltd. has an average target of 431.00 from 2 brokers.

Dilip Buildcon Ltd.

15 May 2019

498.75

2.06%

Dilip Buildcon: Q4FY19 Result Review

Buy: Dilip Buildcon Ltd.

IDBI Capital

Dilip Buildcon Ltd (DBL) has reported weak numbers for 4QFY19 with revenue flat YoY and PAT up only 1.2% YoY. Delay in getting appointed dates for the HAM projects awarded earlier has resulted in weak revenue growth for the company. We as well as the management believe that it is temporary in nature and post the general election result, we expect appointed dates to come through along with new order inflows which augurs well for the industry as well as the company. EBITDA margin at 17.5% was down 100bps YoY on account of higher early completion bonus accrued last year. We have tweaked our FY20 and FY21 numbers marginally and continue to value DBL based on 10.0x FY21 EPS to arrive at...

Dilip Buildcon Ltd. has an average target of 431.00 from 2 brokers.

Dilip Buildcon Ltd.

11 May 2019

498.75

2.06%

Dilip Buildcon (4QFY19): Deleveraging key. Maintain BUY

Buy: Dilip Buildcon Ltd.

Target

HDFC Securities

Over the last 3yrs DBL has (1) Established itself as an astute execution machine; (2) Diversified segmentally & geographically; and (3) Undertook complex projects. While strong growth and diversification led to high capex intensity, large order booking followed high equity outgo on road HAM projects. Balance sheet is now choked and DBL needs to recapitalize the same. This can be achieved by equity fund raise/stake monetization in under construction HAMs. Capex cuts is short view, over long term will impede growth. Multiple re-rating is contingent on significant deleveraging over the next 2yrs. We maintain BUY with a cautious approach on debt built up. We maintain BUY on DBL, with a reduced TP of Rs 737/sh (vs. Rs 833/sh earlier). We have cut our target EPC multiple from 13.5x to 12x to factor in the high debt, delay in receiving appointed dates for 32% of order book & limited visibility of monetization of under construction HAM projects.

Geojit BNP Paribas increased Sell price target of Dilip Buildcon Ltd. to 419.0 on 06 Jun, 2025.

Dilip Buildcon Ltd.

11 May 2019

498.75

2.06%

Dilip Buildcon (BUY): Delayed appointed dates for HAM projects mar revenue growth

Buy: Dilip Buildcon Ltd.

BOB Capital Markets Ltd.

Delayed appointed dates for HAM projects mar revenue growth Dilip Buildcon (DBL) reported below-expected Q4FY19 revenue at Rs 25.7bn, flat YoY, due to execution constraints led by delays in award of appointed dates for HAM projects. EBITDA margins declined 100bps YoY to 17.5%, in line with our estimate. EBITDA dipped 4.9% YoY and adj. PAT fell 7.3% to Rs 2.2bn, but was above estimates due to higher other income and a lower effective tax rate. The Mar'19 order backlog stood at Rs 212bn, 2.3x FY19 revenue. We trim...

Dilip Buildcon Ltd. is trading above all available SMAs

Dilip Buildcon Ltd.

17 Apr 2019

498.75

2.06%

DILIP BUILDCON LIMITED

Accumulate: Dilip Buildcon Ltd.

Recommendation Target

Geojit BNP Paribas

We attended Dilip Buildcon's analyst meet in Goa and visited the under construction site at Zuari bridge & Goa airport on 5th/6th April 2019. Execution of both projects are in high gear and expected to complete Zuari bridge by October 2020. Whereas,...

Geojit BNP Paribas increased Sell price target of Dilip Buildcon Ltd. to 419.0 on 06 Jun, 2025.

Dilip Buildcon Ltd.

11 Apr 2019

498.75

2.06%

Dilip Buildcon

Buy: Dilip Buildcon Ltd.

Target

Dolat Capital

View: Sharp rise in stock price compels to downgrade to Accumulate We maintain our revenue, EBITDA margins and Adj. PAT estimates for FY19E, FY20E and FY21E as DBL maintains its Q3FY19 guidance. We will revisit our estimates post Q4FY19 results. However, we expect reduction in revenue visibility (order book to TTM revenue) from 2.5x (Q3FY19) to ~1.6x (Q2FY20E) will become a concern considering no order inflow during 1HFY20E. Currently, we expect DBL's revenue/ Adj. APT to grow at muted CAGR of 14.0%/ 15.8% over FY19-21E. The stock has rose sharply by more...

Geojit BNP Paribas increased Sell price target of Dilip Buildcon Ltd. to 419.0 on 06 Jun, 2025.

Dilip Buildcon Ltd.

08 Apr 2019

498.75

2.06%

Dilip Buildcon (Update): Simplicity in complexity. Maintain BUY

Buy: Dilip Buildcon Ltd.

Target

HDFC Securities

We maintain BUY with Rs 833/sh TP (13.5x FY21E EPS and BOT at 1x equity invested equity. With likely Rs 20bn advance receipt, debt may have peaked. We attended Dilip Buildcon Ltd. (DBL) Analyst Meet/Zuari Bridge Site Visit in Goa on 5th/6th April 2019. As per DBL this is the 2nd largest Cable Suspension bridge being built in India. This is a MORTH funded project with total length of 13.6km including an elevated road of 8km and a cable suspension bridge on Zuari River of 640m length

Dilip Buildcon Ltd.'s price crossed above 30Day SMA today

Dilip Buildcon Ltd.

18 Feb 2019

498.75

2.06%

DILIP BUILDCON LIMITED

Buy: Dilip Buildcon Ltd.

Geojit BNP Paribas

DBLs EPC order book as on Q3FY19 stands at Rs23,100cr ie, 2.5 times of trailing twelve-month revenue. In 9MFY19, the company has bagged fresh orders of Rs6,769cr and is expecting Rs3,000cr to Rs4,000cr of order inflow in Q4FY19, providing revenue visibility for the coming years. Roads, highways & bridges constitute more than 92% of their order book and rest comprises of mining, irrigation & urban development. The order book has grown at a CAGR of 45% over FY12-18 on account of continued government focus on the sector. With growing...

Dilip Buildcon Ltd. has an average target of 431.00 from 2 brokers.

Is Dilip Buildcon Ltd. worth buying?

602 Votes:

Buy 85.38%

Sell 8.31%

Hold 6.31%

RESEARCH REPORTS

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