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Result Update: Blue Dart Express (BDE) - BUY - TP Rs.5150

Posted On: 2017-08-03 21:04:14

Weak business environment (esp. B2B segment), poor off-take of volumes by corporates and retail customers in the month of June 2017 before implementation of GST and competition were the factors responsible for weak performance of BDE in Q1FY18. However, improved outlook, a fresh strategy under the observation of Mckinsey, implementation of GST, and benign fuel cost are expected to keep the growth momentum healthy with improvement in margins and return ratios going forward. For BDE, we expect 9% volume CAGR, 10%revenue CAGR and 22% earnings CAGR over FY17 to FY19E with ROE of 27% and ROCE of ~30% in FY19. BDE continue to remain as one of the key stocks to invest in the courier space which is expected to benefit from formalization of the sector and the boom of the ecommerce segment. Maintain BUY with an unchanged TP of Rs.5150.

Shares of BLUE DART EXPRESS LTD. was last trading in BSE at Rs.4189.95 as compared to the previous close of Rs. 4223.15. The total number of shares traded during the day was 10180 in over 273 trades.

The stock hit an intraday high of Rs. 4250 and intraday low of 4180. The net turnover during the day was Rs. 42659699.


Source: Equity Bulls

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