Sadbhav Engineering Ltd. share price target and research reports

Name: Latest research reports of Sadbhav Engineering Ltd. authored by BOB Capital Markets Ltd. and published by - Trendlyne research reports.
Item: Sadbhav Engineering Ltd.
Rating: 5
Author: BOB Capital Markets Ltd.

Latest analyst research reports with target prices and PDF download for SADBHAV, BSE:532710 Sadbhav Engineering Ltd.

Sadbhav Engineering Ltd.

02 Jul 2019

10.74

-0.19%

Sadbhav Engineering (BUY): Stake sale complete focus shifts to execution

Buy: Sadbhav Engineering Ltd.

BOB Capital Markets Ltd.

Stake sale complete focus shifts to execution Sadbhav Infrastructure Projects (SIPL), a 69.6% subsidiary of Sadbhav Engineering (SADE), has concluded its 100% stake sale in nine operational road assets to IndInfravit Trust at an EV of Rs 66.1bn. The equity value of the deal stands at Rs 25.5bn (~1.7x invested capital) to be paid out in two parts: Rs 19bn in cash and the balance as 10% of units in IndInfravit Trust. Divestment will help deleverage SADE's consolidated balance sheet and give...

Sadbhav Engineering Ltd. has lost -61.06% in the last 1 Year

Sadbhav Engineering Ltd.

28 Jun 2019

10.74

-0.19%

Sadbhav Engg

Buy: Sadbhav Engineering Ltd.

Sharekhan

Sadbhav Engineering Limited (SEL) has received a credit rating downgrade for its Rohtak-Hisar project (executed under Sadbhav Infrastructure Project Limited, SIPL) on account of delay in debt servicing. The project commenced tolling (FY2019 tolling revenue of Rs. 65 crore) since July 2016, which has not been sufficient enough for debt obligations (interest plus principal payment, Rs. 110 crore for FY2019). SIPL has infused Rs. 277 crore, including equity in the project till FY2019, and has been intimating NHAI about the presence...

Sadbhav Engineering Ltd. is trading below all available SMAs

Sadbhav Engineering Ltd.

04 Jun 2019

10.74

-0.19%

Sadbhav Engineering

Buy: Sadbhav Engineering Ltd.

Target

ICICI Securities Limited

Order book at strong | 11,227.7 crore as of Q4FY19 SEL's order book (OB) was at | 11,227.7 crore as of Q4FY19, implying an order book-to-bill ratio of 3.2x on FY19 revenues. BOT/HAM and EPC divisions make up 81.3% of the OB, followed by irrigation (3.4%) and mining division (15.3%). Currently, highway sector remains the priority for bidding projects for the company. The management expects bidding activity to start in the coming months and expects to receive order inflows to the tune of | 6,000-8,000 crore depending on opportunities lined up ahead....

Sadbhav Engineering Ltd. has lost -32.37% in the last 3 Months

Sadbhav Engineering Ltd.

03 Jun 2019

10.74

-0.19%

Sadbhav Engg

Buy: Sadbhav Engineering Ltd.

Target

Sharekhan

appointed dates for 31% of its order book: SEL has a strong order book of Rs. 11,981 crore which is 3.4x its FY2019 standalone revenue. However, 31% of its order book worth Rs. 3,728 crore (five projects) in which the company is awaiting the appointed dates for four projects (Rs. 3,352 crore). The company is expecting appointed dates for the same post monsoon. Further, from...

Promoters unpledged 37.78% of shares in last quarter. Total pledge stands at 42.67% of promoter holdings

Sadbhav Engineering Ltd.

01 Jun 2019

10.74

-0.19%

Execution hurdles mar operational performance; Downgrade to Neutral

Neutral: Sadbhav Engineering Ltd.

Recommendation Target

Motilal Oswal

Operational performance below expectation: Revenue declined 7.5% YoY to INR10.2b (our est. INR12.7b), while EBIDTA inched up 2% YoY to INR1.3b (our est. INR1.4b). Operating margin of 12.4% (+120bp YoY) was above our est. of 11.0%. Adj PAT declined 59% YoY to INR286m, below our est. of INR741m impacted by higher-than-estimated tax rate (65% v/s est. of 12%)...

Sadbhav Engineering Ltd. has lost -23.01% in the last 6 Months

Sadbhav Engineering Ltd.

01 Jun 2019

10.74

-0.19%

Sadbhav Engineering (BUY): Delay in appointed dates derails revenue

Buy: Sadbhav Engineering Ltd.

Target

BOB Capital Markets Ltd.

Sadbhav Engineering's (SADE) Q4FY19 revenue declined 8% YoY and missed estimates due to a slowdown in execution of HAM projects and delayed award of appointed dates (AD) for newer contracts. EBITDA margins remained healthy, rising 120bps YoY to 12.4% but reported PAT nosedived 59% YoY due to a steep rise in tax rate to 65%. We downgrade our FY20 EPS estimate by 13% to incorporate delayed ADs and lower order inflows, while raising FY21...

Promoters have decreased holdings from 36.22% to 25.52% in Sep 2025 qtr

Sadbhav Engineering Ltd.

26 Mar 2019

10.74

-0.19%

Sadbhav Engg

Buy: Sadbhav Engineering Ltd.

Sharekhan

Well poised for strong execution for FY2020: SEL's order book of Rs. 12,872 crore (3.5x its TTM revenue) had ~61% un-executable order book during Q3FY2019. However, four projects worth Rs. 3,737 crore commenced construction from December 2018 to January 2019. One project worth Rs. 1,125 crore is expected to start construction by the end of March 2019, and four...

Sadbhav Engineering Ltd. is trading below all available SMAs

Sadbhav Engineering Ltd.

08 Mar 2019

10.74

-0.19%

Asset monetization process on track

Buy: Sadbhav Engineering Ltd.

Target

Motilal Oswal

We met the management of Sadbhav Engineering and discussed the company's asset monetization plans and improvement in its order book. Also, the company's working capital cycle has normalized.

Sadbhav Engineering Ltd. has lost -32.37% in the last 3 Months

Sadbhav Engineering Ltd.

18 Feb 2019

10.74

-0.19%

Sadbhav Engineering

Buy: Sadbhav Engineering Ltd.

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Sadbhav Engineering (SEL's) topline de-grew 1.0% YoY to | 925.5 crore (our estimate: | 969.7 crore) possibly due to muted execution EBITDA margin rose 68 bps YoY to 12.0% (our estimate: 12.6%) Net profit de-grew 9.0% YoY to | 56.3 crore (our estimate: | 66.6 crore) on account of topline de-growth and higher tax rate (20% in Q3FY19 vs. | 2 crore tax rebate in Q3FY18). However, at PBT level, it grew 17.6% YoY to | 70.3 crore (our estimate: | 70.1 crore...

Promoters unpledged 37.78% of shares in last quarter. Total pledge stands at 42.67% of promoter holdings

Sadbhav Engineering Ltd.

17 Feb 2019

10.74

-0.19%

Sadbhav Engineering (3QFY19): Deal to be the pivot for re-rating. Maintain BUY

Buy: Sadbhav Engineering Ltd.

HDFC Securities

We maintain BUY with a reduced TP of Rs Rs 418/sh (vs Rs 449 earlier). SADE has posted a decent execution recovery to Rs 9.3bn (in line with estimate) after a muted 1HFY19 which had witnessed a 2% YoY revenue de-growth. EBITDA came in line with guidance at 12%. APAT came in 9% below estimate largely due to higher effective tax rate of 20%.

Sadbhav Engineering Ltd. has lost -32.37% in the last 3 Months

Is Sadbhav Engineering Ltd. worth buying?

408 Votes:

Buy 78.92%

Sell 12.01%

Hold 9.07%