Buy VA Tech Wabag; target of Rs 711: Kotak Securities
Kotak Securities’ research report on VA Tech Wabag
VA Tech Wabag’s (VAW) reported good set of numbers in the second quarter on an operational basis. Profit and EBITDA Numbers were ahead of our expectations. The stock has underperformed in recent quarters due to increasing working capital intensity which has raised net borrowings.
We have been positive on the stock in view strong order book of the company coupled with relative under-performance in stock price in H1FY18. Valuations are attractive relative to peers. Reiterate “BUY” with an unchanged price target of Rs 711.
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