BHARAT FORGE Rating
CLSA ON BHARAT FORGE : 07.06.2021
* Maintain BUY, Target increased to Rs 900/share
* Stronger exports drive earnings beat
* Better-than-expected recovery in auto and non-auto exports
* Global subsidiaries continued to turn around, reporting positive PBT
* Increase FY22-23 Ebitda forecasts to 11-13%
* Underlying business metrics for end-markets continue to strengthen
CLSA ON BHARAT FORGE : 07.06.2021
* CLSA has a Buy call on Bharat Forge with target being raised to Rs 900/sh. It expects underlying revenue recovery to continue in H2 & FY23
* Underlying Revenue Recovery Should Continue In H2 & FY23
* Global Subsidiaries Continued To Turn Around
* Global Subsidiaries Reporting Positive PBT After 2 Years
* MAINTAIN BUY TARGET: 900
JEFFERIES ON BHARAT FORGE : 07.06.2021
* MAINTAIN BUY TARGET: 925
* Jefferies maintains Buy call on Bharat Forge and raises FY22-23 EPS estimates by 27-32%
* See A Big Turnaround Over FY22-23
* Rebound In US/India Trucks & Industrial Exports Will Lead Turnaround
* Raise FY22-23 EPS Estimates By 27-32%
NOMURA ON BHARAT FORGE : 07.06.2021
* UPGRADE BUY TARGET: 924
* Nomura upgrades Bharat Forge to Buy from Neutral and target is raised to rs 924/sh. It has also raised FY23 revenue forecast by 10% to Rs 7,300 cr
* There Are More Medium-term Upsides Beyond FY23-34
* Sanghvi Forg Acqn Will Develop Infra & Renewable Biz For Import Substitution
* With Higher Oil Prices, Oil & Gas Revenues Could Be Higher
* Raise FY23 revenue Forecast By 10% To 7,300 Cr
* Factor In Margin At 26%/28.6%/30.6% Over FY22/23/24
MS ON BHARAT FORGE : 07.06.2021
* MS has an Underweight rating on Bharat Forge as it finds risk-reward unattractive at current levels
* MAINTAIN UNDERWEIGHT TARGET: 571
* Faster-than-expected Cyclical Recovery Led To Impressive Q4
* Expect A Strong CV & Non auto Rebound
* Global CV QQ Run-rate Is Close To Previous Peak & Multiples
* Risk-reward Is Unattractive At Current Levels
