Buy Banco Products; target of Rs 233: Geojit BNP Paribas

March 21
01:41 2017

Geojit BNP Paribas’ research report on Banco Products

After a sluggish H1FY17, we expect domestic CV industry to pick up in FY18 on the implementation of BS-IV emission norms by 1st April 2017. BPIL registered a consolidated revenue growth of 9%YoY for the period 9MFY17 whereas standalone revenue has grown by 8%YoY.


Considering the near term headwinds from the surge in raw material price we lower our PAT estimate for FY18E by 1.5% respectively. We roll over our valuation to FY19E EPS and value at a P/E 11x (3yr historical average) with a revised target price of Rs 233 and maintain our Buy rating.

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