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|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2018-08-07||Suzlon Energy Ltd.||KRChoksey||7.40||15.00||7.40 (-41.89%)||Buy|
Suzlon reported revenue a fall of 50.5% YoY to INR 12.8bn against our estimates of INR 16.05bn. The subdued growth is on account of lower than estimated execution, which was 155MW against our estimates of 200MW. There was solar revenue in Q1FY18, which was not the case in Q1FY19 and hence other revenues declined from INR 3.31bn in Q1FY18 to INR 0.27bn. EBITDA excl fx remained at INR 77cr against INR 475cr in Q1FY18 due to poor executions which impacted operational performance of WTG segment. WTG segment reported EBITA loss of INR 3.85bn against a profit of INR 2.1 bn in Q1FY18....
|2018-07-04||Suzlon Energy Ltd.||KRChoksey||7.55||15.00||7.55 (-43.05%)||Buy|
We recently met Mr. Kirti Vagadia, Group CFO, Suzlon Energy Ltd, to get insights about present developments within the industry as well as the company. During our meet, Mr. Vagadia explained to us about the challenging times in FY18 along with promising outlook with healthy order backlog in the near future post improvement in the order announcements by SECI. The management seems confident that the Indian wind sector will witness 8-10 GW of capacity addition every year for next 4-5 years, which could translate into capacity addition of ~2-2.5 GW p.a. by Suzlon given its dominant market share. The expectation of robust capacity addition is attributable to the national wind energy target of 60 GW by FY22. Further, sharp cut in the wind tariff post change in the regime could also result into adoption of more green energy as against thermal in the years to come. We expect the progress could also get ramped up once there is be successful adoption of a wind hybrid technology, which will improve the average PLF in the...
|2017-11-13||Suzlon Energy Ltd.||HDFC Securities||14.65||14.65 (-70.65%)||Results Update|
|2017-08-16||Suzlon Energy Ltd.||KRChoksey||16.15||27.00||16.15 (-73.37%)||Buy|
Suzlon revenue expanded by 62% YoY to INR 26762.4 mn during this qtr against our estimates of ~INR 28716 mn. The growth was led by 326MW of execution in wind and 86MW in solar. The operational performance improved by 262% YoY to INR 4327.7 mn against our estimates of INR 3475 mn primarily owing to lower than anticipated employee cost. EBITDA margin increased by 1052 bps YoY to 16.2%. PAT stood at INR 490.8 mn against our estimates of INR 875 mn loss. The increase in bottom-line growth was supported by robust...
|2017-08-14||Suzlon Energy Ltd.||HDFC Securities||17.40||17.40 (-75.29%)||Results Update|
|2017-06-05||Suzlon Energy Ltd.||Ventura||19.85||44.50||19.85 (-78.34%)||Buy|
|2017-05-26||Suzlon Energy Ltd.||HDFC Securities||19.80||19.80 (-78.28%)||Results Update|
|2017-05-22||Suzlon Energy Ltd.||HDFC Securities||20.45||25.00||20.45 (-78.97%)||Buy|
Suzlons (SUEL) 4QFY17 result was a beat on all counts, with volume at 554MW ( 25% YoY) and realisations at Rs 82.2 mn/MW. EBITDA margins also improved ( 70bps YoY to 14.1%), leading to an APAT of Rs 2.7bn (ahead of our estimate of Rs 2.3bn). SUEL ended FY17 with volumes of 1,573 MW ( 39% YoY).
|2017-04-22||Suzlon Energy Ltd.||Ventura||19.85||42.80||19.85 (-78.34%)||Buy|
|2017-04-10||Suzlon Energy Ltd.||Choice India||19.35||19.35 (-77.78%)||Buy|
Suzlon Energy Ltd. (SEL) is the largest renewable company in India as well as the largest wind equipment manufacturer. It is market leader in India with global footprints across Asia, Australia, Europe, Africa, North and South America. The company has a capacity to manufacture 3.6GW WTG. SEL operates through three segments namely; sale of WTG (Wind Turbine Generators), foundry & forging and operations and maintenance services. SEL' services range from feasibility studies to manufacturing of wind turbine components and installation and commissioning of wind farms as well as long term operations and maintenance. The company has 15 manufacturing facilities spread...
|2017-02-16||Suzlon Energy Ltd.||HDFC Securities||17.15||17.15 (-74.93%)||Results Update|
|2017-02-14||Suzlon Energy Ltd.||Way2Wealth||17.15||26.00||17.15 (-74.93%)||Hold|
EBITDA margin expanded by 800 bps y/y to 21.6% due to higher capacity utilization The raw material cost and other expenditure yoy increased by 80 % and 24% respectively. Staff expenditure stood at `2,555 mn( +26.6% y/y; -1.3% q/q) Depreciation was at `1094mn (+15.5% q/q; +12.2% y/y). Interest expense stood at `3391 mn (+18.6% y/y; +13.7% q/q) .This increase was mainly due to higher working capital requirement during the quarter. Consolidated net term debt (excluding FCCB)...
|2017-02-13||Suzlon Energy Ltd.||HDFC Securities||18.05||24.00||18.05 (-76.18%)||Buy|
Suzlon Energys (SUEL?s) 3QFY17 result was a beat on all counts with volumes of 462MW ( 80% YoY) and EBITDA margins of 22.5% ( 490bps YoY) - leading to a higher-than-expected APAT of Rs 3.0bn. Improvement in EBITDA margins was led by operating leverage benefit and a favourable revenue mix (lower EPC).
|2016-11-21||Suzlon Energy Ltd.||Way2Wealth||13.97||14.00||13.97 (-69.22%)||Target met||Hold|
Depreciation stood at `947.6mn (+13.3% q/q+23.7% y/y).Interest expense stood at `2981 mn (+7.7% y/y;-2% q/q). This decrease -q/q was mainly due to repayment of debt during the quarter. Consolidated net term debt (excluding FCCB) stood at `66460 mn; a reduction of `2300 mn q/q. Working capital debt stood at `31,930 mn Tax expense stood at `9.8 mn (-75.3% q/q). Consequently, PAT stood at `2423 mn. Total outstanding order book positition-1136 MW valued at `7,165 Cr Senvion was fully divested by Suzlon group on 29th April 2015.Hence, 2Q FY 16...
|2016-11-16||Suzlon Energy Ltd.||HDFC Securities||14.82||24.00||14.82 (-70.99%)||Buy|
Suzlons 2QFY17 result was a beat on all counts with volumes of 353MW ( 56% YoY) and EBITDA margins of 21.3% ( 460bps YoY) - leading to an APAT of Rs 2.0bn (higher than expected). EBITDA margin improvement was led by (a) contribution from larger turbines, (b) benefit of low RM cost and (c) favorable mix (lower EPC).
|2016-09-19||Suzlon Energy Ltd.||Way2Wealth||16.15||16.15 (-73.37%)||Hold|
|2016-09-14||Suzlon Energy Ltd.||HDFC Securities||16.05||28.00||16.05 (-73.21%)||Buy|
Suzlon’s 1QFY17 volumes of 204MW (flat YoY) was below our estimates, leading to a loss of Rs 2.6bn (higher than expected). Loss could have been lower (by Rs 1.2bn) had it not been for the new Ind AS norm. With an order book of 1,205MW (to be entirely executed in FY17E), the company remains confident of meeting its FY17E volume guidance of 1.5 - 1.6 GW. The same should also aid in balance sheet healing (primarily debt reduction).
Muted order announcements, so far in FY17E, have cast pressure on the WTG stocks. However we expect the order flow momentum to pick up as most states have finalized their tariffs. Visibility on volumes over the longer run also remains high given continued government thrust, improvement in technology and expected tender based bidding in wind. In this backdrop, we reiterate BUY on Suzlon with a TP of Rs 28/share (10x FY18E EV/EBITDA).
|2016-07-18||Suzlon Energy Ltd.||HDFC Securities||18.10||28.00||18.10 (-76.24%)||Buy|
Suzlon Energy Limited - SUZLON attended Suzlon’s analyst meet, wherein the management was confident of the wind industry’s growth in India over the next five years. The government is committed to attaining 60GW of wind power by 2022 and given the IPP-led customer profile; these targets are achievable, as per the company. It expects FY17 to be a 4.3GW market with Suzlon commanding the leader’s market share of 40-50%.HDFC Securities reiterate their BUY rating on the stock with a TP of Rs28/share (10x FY18E EV/EBITDA).
Trendlyne has 3 reports on SUZLON updated in the last year from 1 broker with an average target of Rs 28. Brokers have a rating for SUZLON with 1 price downgrade and 1 price upgrade in past 6 months.
|2016-07-14||Suzlon Energy Ltd.||Way2Wealth||18.45||26.00||18.45 (-76.69%)||Buy|
Suzlon is a market leader in India with a global footprint across all continents. Over the past two decades, Suzlon has built and consolidated its presence in 19 countries. Suzlon is a market leader in India with 100+ wind farms with an installed capacity of ~9,000MW spread across 9 states. Suzlon's diversified client portfolio includes companies from a variety of industries, including...
|2016-06-01||Suzlon Energy Ltd.||HDFC Securities||15.20||28.00||15.20 (-71.71%)||Buy|
Suzlons 4QFY16 volumes of 443MW (in line with our estimates) put it back in the black, with an APAT of Rs 500mn. EBITDA margin at 14.1% appears low primarily owing to the revenue mix (lower OMS contribution with increasing WTG volumes).