Dear All, Forwarding you the *Result Update* on *Sadbhav Engineering *for *2QFY2014 *with an *Buy *recommendation and a *Target Price* of *`**90* (12 months).
For 2QFY2014, Sadbhav Engineering (SEL) reported a mixed set of numbers. SEL posted a disappointing set of numbers on the revenue front, owing to the onset of monsoons; however owing to tax credit of ~`18.7cr during the quarter, earnings were above our estimate. SEL has an order book of `9,241cr (4.6x trailing revenues) as of 2QFY2014, which provides good revenue visibility. Given the healthy order book (4.6x trailing revenue), we expect the company to report revenues of `2,458cr and `2,727cr for FY2014 and FY2015 respectively. *We continue to maintain our Buy view on the stock with a SOTP based target price of **`**90, owing to robust order backlog of **`**9,241cr (4.6x trailing revenues), strong balance sheet and on the expectation that the company would be able to meet the equity requirement for its under-construction/development projects through internal accruals or securitization**.* Kindly click on the following link to view the Report. Sadbhav Engineering - RU2QFY2014<http://emm.angelbroking.in/advisory/lt.php?id=fhpWAwlSUVVVVBhVVQtRDkU=A1ZXXVkIRVsMXFENXF4ID15Qc14PBwgNSgcKCQ==> If you have any Stock related queries, feel free to call us on 022 39357600, Extn: 6865 or mail us at *[email protected] <[email protected]>**.* For Non-Research Queries, kindly contact Feedback Team on (Area STD Code) 33551111 or mail at *[email protected] <[email protected]>.* With best regards, Fundamental Adivsory Desk Akruti Star, 6th Floor, MIDC, Andheri (E), Mumbai – 93. Direct: (91) (022) 39357600 Ext. 6865 Website : www.angelbroking.com<http://emm.angelbroking.in/advisory/lt.php?id=fhpWAwlSUFJWVxhVVQtRDkU=A1ZXXVkIRVsMXFENXF4ID15Qc14PBwgNSgcKCQ==> *Disclaimer: **Ours is an advisory role. The final decision and consequences based on our information is solely yours. Moreover, in keeping with regulatory guidelines, we do not guarantee any returns on investments. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice.* -- CA. Rajesh Desai -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at http://groups.google.com/group/globalspeculators. For more options, visit https://groups.google.com/groups/opt_out.
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