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Kirloskar Oil Engines Ltd. | Q1FY14 Result Update




IndiaNivesh Securities Pvt Ltd


01 Aug 2013





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Kirloskar Oil Engines Ltd. | Q1FY14 Result Update Earlier, Kirloskar Oil Engines Ltd (KOEL) reported top-line numbers below our expectations, and PAT numbers ahead of our expectations. Valuation: At CMP of Rs 155, KOEL is trading at FY14E and FY15E, P/E multiple of 9.3x and 8.4x, respectively. After taking in to account better quality sustainable earnings, almost nil debt on books, and 17.8% RoE for FY15E, we assign one notch lower target P/E multiple of 11.0x to our FY15E EPS estimates of Rs 19.0 to arrive at FY15E based price target of Rs 209 (vs. our earlier price target of Rs 240). Given that the stock is trading at 31.4% discount to its FY15E based price target of Rs 209, we maintain BUY rating on the stock.

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