Bajaj Electricals Initiating Coverage Report By Microsec

Tagged: Bajaj Electricals, Microsec

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July 26, 2014 at 3:05 pm #783

Vidhi Khanna
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Bajaj Electricals Limited (BEL) is 75 year old consumer electrical equipments manufacturing. It is a part of Bajaj Group which is one of the oldest business conglomerates in India with a turnover over INR280 billion. It has diversified product portfolio consisting of household appliances, fans, lighting and luminaires and engineering projects.

We value BEL based on DCF methodology. Based on WACC of 11.90% and assumed terminal growth rate of 3% and the company’s future free cash flows, we arrived at a target price of INR405 for the stock. Our target price reflects an upside potential of 20% from BEL’s CMP of INR337 per share.

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