The 2 reports from 1 analysts offering long term price targets for Ador Welding Ltd. have an average target of 310.00. The consensus estimate represents an upside of 29.41% from the last price of 239.55.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-06-25||Ador Welding Ltd.||ICICI Securities Limited||263.50||310.00||263.50 (-9.09%)||29.41||Buy|
ICICI Securities Limited
Equipment and project & engineering business revenue fell 10.5% YoY to | 34 crore while it reported loss of | 1.7 crore at EBIT level (vs. | 7.1 crore EBIT loss in Q4FY19). For FY20, this segment reported revenue at | 122.9 crore, down 3.7%, YoY. Within this segment, equipment business fell ~4.7%, YoY and project engineering business (PEB) grew 18% YoY backed by decent execution for FY20. For FY20, PEB business reported PBT level loss of ~| 17 crore while equipment business reported PBT level profit of ~| 3.5 crore. We expect PEB losses to reduce further in next two years with focus on...
|2019-11-26||Ador Welding Ltd.||ICICI Securities Limited||310.55||370.00||310.55 (-22.86%)||54.46||Buy|
|2019-07-16||Ador Welding Ltd.||Prabhudas Lilladhar||326.10||326.10 (-26.54%)||Not Rated|
We met with the management of Ador Welding Ltd (Ador) to take stock of capex recovery and sustenance of growth trend shown in past 6 quarters. While the management indicated strong demand scenario for Welding Consumable and Equipments, it also guided a volume growth of 10-15% for FY20 based on rising demand from Oil & Gas sector (especially from refinery upgradation program to comply with euro VI norms), Heavy Engineering, Power, Railways (large wagon orders), Defense, Gas Cylinders (Ujjwala Yojana) etc. The company was at par with its competitors in-terms of new...
|2018-11-06||Ador Welding Ltd.||Karvy||360.65||350.00||360.65 (-33.58%)||Sell|
Tepid Growth & Slow Margin Expansion: Q2FY19 results came below our estimates. YoY revenue grew by a meagre 3.0% due to lower volumes. Margin performance has disappointed, EBITDA margin is recorded at 7.9% vs our estimate of 8.7% owing to pressure from higher materialcosts (64%).
|2018-08-17||Ador Welding Ltd.||Karvy||350.00||350.00||350.00 (-31.56%)||Target met||Sell|
Low base effect, margins under pressure: Q1FY19 results came below our estimates. YoY revenue grew by 17.8% on the back of low base effect. However, Margin performance has disappointed, EBITDA margin is recorded at 7.3% vs our estimate of 10.4% owing to pressure from higher material costs (73.7%).
|2018-06-05||Ador Welding Ltd.||Karvy||320.20||350.00||320.20 (-25.19%)||Target met||Hold|
Mixed results, margins under pressure: FY18 full year earnings grew by a meager 3% backed by a 3.6% revenue growth coupled with an EBITDA margin expansion of 60 bps. EBITDA margin has been recorded at 7.4% along with a net profit margin of 4.0% for FY18.
|2018-03-06||Ador Welding Ltd.||Karvy||413.05||450.00||413.05 (-42.00%)||Target met||Hold|
Steady Growth, Improving Margins but Rich Valuations; We assess Q3FY18 results as disappointing due to its meager YoY growth and margin contraction. YoY revenue growth of 1.1% is negated by higher finance costs & an EBITDA contraction of 86 bps to 6.5% and the EPS de-grew by 10.6%.
|2017-05-15||Ador Welding Ltd.||Karvy||330.00||356.00||330.00 (-27.41%)||Target met||Hold|
Impressive Quarter, margins under pressure though: Ador Welding (AWL)has registered a turnover growth of a massive 54.5% sequentially mainly due to low base effect resulted from demonetization during Q3FY17 & 5.1% YoY growth for Q4FY17 mainly on account of decent order book. EBITDA margin has contractedby 166 bps QoQ & 321 bps YoY for Q4FY17 to reach 6.3% owing to relatively higher operating expenses. EBIT & Net profit margins have also contracted by 68 bps &38 bps sequentially to 4.6% & 4.8% respectively in Q4FY17. Though the restoration of the repaired plants has resulted in improved production levels, demonetization seems to keep the revenue under pressure as the industrial activity remainedpressurized.
|2017-02-09||Ador Welding Ltd.||Karvy||294.00||325.00||294.00 (-18.52%)||Target met||Hold|
Improving Domestic Demand Environment Aided by GovtPolicies: Flat Quarter, margins affected due to weak growth - Ador Welding (AWL) has registered a meager turnover growth of 0.3% sequentially & 20.9% YoY growth forQ3FY17 mainly on account of decent order book. EBITDA margin has contracted by 184 bps QoQ & 263 bps YoY for Q3FY17 to reach 7.3% mainly on account of relativelyhigher expenses over revenue. EBIT & Net profit margins have also contracted by 180 bps & 66 bps sequentially to 4.8% & 4.0% in Q3FY17. Though the restorationof the repaired plants has resulted in improved production levels, demonetization seems to hit the revenue as the industrial activity remained pressurized.
|2016-10-27||Ador Welding Ltd.||Karvy||308.50||325.00||308.50 (-22.35%)||Target met||Hold|
Banking on Revival in Domestic Demand Environment: Recuperating from Q1FY17 disappointment: Ador Welding (AWL) has registered a turnover growth of 31.6% sequentially & 10.9% YoY growth for Q2FY17 mainly on account of healthy order book. EBITDA margin has also expanded by 620 bps QoQ & 150 bps YoY for Q2FY17 to reach 9.1% mainly on account of stableraw material and other expenses. EBIT & Net profit margins have also expanded by 680 bps & 310 bps sequentially to 6.6% & 4.7% in Q2FY17. Positivity in results maybe related to the restoration in their plants which suffered repairs during Q1FY17 due to which production was cut down.
|2016-08-11||Ador Welding Ltd.||Karvy||273.00||318.00||273.00 (-12.25%)||Target met||Buy|
Banking on Revival in Domestic Demand Environment: Surge in domestic industrial activity complemented by adequate capacityheadroom - Growth in investment activities and increased investments in key sectors like power, steel, construction, infrastructure and cement are giving an optimistic outlook for future. We believe the Gross Fixed Capital Formation (GFCF)to GDP to improve to over 33% by FY17E; also AWLs current capacity utilization levels of ~ 65%-70% leave enough headroom to sustain the anticipated increase in demand. We expect the capacity utilization rates to surge up to ~ 80%-85% by FY18E to aid revenue to grow at 7.5% CAGR for FY16-18E.