Bhagyanagar India Receives 'Hold' Rating After Strong Quarter Results
Bhagyanagar India, a microcap company in the cable industry, has recently received a 'Hold' rating from MarketsMOJO. This upgrade comes after the company has shown positive results for the last four consecutive quarters. In the half-yearly results, the company's profits have grown by 41.29% and it has achieved the highest ROCE of 22.40%. Additionally, the company has a high debtors turnover ratio of 16.95 times.Technically, the stock is in a bullish range and has shown improvement from being mildly bullish on 09-Apr-24. Multiple factors such as MACD, Bollinger Band, KST, and DOW are also indicating a bullish trend for the stock.
With a ROCE of 9.5, the stock is fairly valued with an enterprise value to capital employed ratio of 1.6. It is currently trading at a discount compared to its historical valuations. In the past year, the stock has generated a return of 157.10%, while its profits have risen by 659.8%. This has resulted in a PEG ratio of 0, indicating a market-beating performance in the long term as well as the near term. The stock has also outperformed BSE 500 in the last 3 years, 1 year, and 3 months.
However, the company's long-term fundamental strength is weak with an average ROCE of 6.62%. Its operating profit has only grown at an annual rate of 17.07% over the last 5 years, indicating poor long-term growth. The company also has a high debt to EBITDA ratio of 5.74 times, which shows a low ability to service debt.
Moreover, there has been a decrease in promoter confidence as they have reduced their stake in the company by -0.65% over the previous quarter. Currently, promoters hold 73.76% of the company, and their decreasing stake may signify reduced confidence in the future of the business.
Overall, while Bhagyanagar India has shown positive results in the short term, its long-term fundamentals and decreasing promoter confidence may be a cause for concern. Investors are advised to hold onto their stocks for now and monitor the company's performance closely.
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