Kotak Securities is bullish on Simplex Infrastructures and has recommended accumulate rating on the stock with a target price of Rs 435, in its research report dated February 13, 2015.
"Revenues for Q3FY15 improved by just 2% YoY and stood below our estimates despite healthy order inflow for the company during last fiscal. Operating margins have continued to remain strong since new order inflows are coming at higher margins. Net profit performance was boosted primarily by higher other income. Order inflow has been quite strong for the company and the new order inflow for the company is expected to sustain margins at higher levels. We tweak our estimates and maintain ACCUMULATE rating on the stock owing to limited upside from the current levels."
"At current price of Rs 400, stock is trading at 20.4x P/E and 11.5x on P/E and 6.2x and 5.3x EV/EBITDA on FY16 and FY17 estimates respectively. We tweak our estimates and target price on the stock and continue to recommend ACCUMULATE with a price target of Rs 435 based on 12.5x FY17 earnings (Rs 340 earlier on FY16 estimates). Key risk to our recommendation would come from further delay in the payment cycle from the clients which can impact revenue growth of the company", says Kotak Securities research report.
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