Firstcall Research is bullish on Welcast Steels and has recommended buy rating on the stock with a target of Rs 520 in its July 5, 2014 research report.
"Welcast Steels Limited was incorporated in 1972. It manufactures and markets alloy steel cast grinding media balls used in the process of grinding in the cement, mining, and thermal power plants in India. It also offers liners. Welcast Steels Limited is a subsidiary of AIA Engineering Ltd. The manufacturing unit is fully equipped with the state-of-the-art equipment for production, testing and quality control such as Induction furnaces, continuous type heat treatment furnaces with automatic oil quenching system, vacuum spectrometer, and metallurgical microscope with photographic arrangement, sand testing equipments and hardness testing machine. The Company has an In-house Research & Development section which constantly upgrades and updates the technology to offer original solutions to the problems of Industry. Having been Grinding Media specialists for nearly 25 years, the company has acquired vast experience in the grinding process in the Cement, Mining Industry and Thermal Power plants. The Company engineers keep track of the latest developments taking place worldwide and with their exceptional knowledge, are in a position to recommend to the Industry the specific quality of grinding media to be used for various applications. The quality of grinding media manufactured by the Company has been well established and its products are being supplied practically to all the Cement plants in India. The Company exports its products to other countries like USA, U.A.E., Japan, Australia, Thailand, Sri Lanka, UK, Bangladesh, Indonesia, omain, Qatar, Philippines, Slovakia, Hong Kong, Canada, Bulgaria and Vietnam. HYKROM product superiority is achieved and maintained by a constant quest for quality and value engineering at Welcast. Product operations are continuously and closely monitored. Quality assurance begins at the root level by employing the optical emission vacuum spectrometer with computer control for instant analysis of molten metal. Casting is done in moulds with sand prepared and tested fully. The microstructure of casting is constantly photographed with the help of an electronic microscope and camera."
"At the current market price of Rs.455.05, the stock P/E ratio is at 8.55 x FY15E and 7.53 x FY16E respectively. Earnings per share (EPS) of the company for the earnings for FY15E and FY16E are seen at Rs. 53.25 and Rs. 60.40 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 4 percent and 11 percent over 2013 to 2016E respectively. On the basis of EV/EBITDA, the stock trades at 4.19 x for FY15E and 3.79 x for FY16E. Price to Book Value of the stock is expected to be at 0.85 x and 0.78 x respectively for FY15E and FY16E. We recommend 'BUY' in this particular scrip with a target price of Rs.520.00 for Medium to Long term investment," says Firstcall Research report.
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