Monday, April 18, 2011

Event Update - McNally bags order worth Rs379cr (Errata)

Event Update on McNally Bharat Engineering

 

McNally bags order worth Rs379cr

McNally Bharat Engineering's MHE division has bagged order from Steel Authority of India Ltd worth Rs379cr for design, engineering and supply of By-Product Plant at its Bhilai plant. Order is to be delivered over 24 months. The company's consolidated order book at the end of 3QFY2011 stood at Rs4,370cr (2.4x FY2010 revenues), which currently stands at Rs4,340cr (2.4x FY2010 revenues).

 

We believe that an improving economic scenario, continuous government focus on infrastructure spend and pick-up in private capex augurs well for the companies providing EPC solutions to the core sectors of the economy.

 

At Rs222, the stock is available at attractive valuations of 7.6x and 5.5 FY2012E and FY2013E earnings and 4.5x & 3.7 FY2012E &FY2013E EV/EBITDA. We maintain our Buy rating on the stock, with a Target Price of Rs307.


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