External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>Ador Welding (AWL) is a leading player in the welding consumables (~19% market share), welding equipment, automation and projects business</li><li>Going forward, better consumables volumes, rebound in equipment sales and projects business turnaround to drive growth, profitability</li><li>Considering strong growth outlook, margin revival, we maintain BUY rating. We value AWL at Rs 945 i.e. 23x P/E on FY23E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Ador Welding (AWL) is a leading player in the welding consumables (~19% market share), welding equipment, automation and projects businessGoing forward, better consumables volumes, rebound in equipment sales and projects business turnaround to drive growth, profitabilityConsidering strong growth outlook, margin revival, we maintain BUY rating. We value AWL at Rs 945 i.e. 23x P/E on FY23E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ador Welding: Focused on Core Business to Regain Growth

<p>While projects business revenue declined 19.2% to Rs 13.1 crore, it is EBIT positive with 7.8% margin (vs. Rs 8.2 crore EBIT loss in Q3FY21) indicating a turnaround. In FY21, this segment reported revenue at Rs 24.7 crore, down 47.4%, YoY badly affected by project headwinds. However, we expect projects business focus to be on project closures of legacy projects and focus only on profitable projects in flares and process equipment, going forward. AWL has provided Rs 15.5 crore as provision for doubtful debt and bad debt written off in projects business as one-time clean-up of books.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

While projects business revenue declined 19.2% to Rs 13.1 crore, it is EBIT positive with 7.8% margin (vs. Rs 8.2 crore EBIT loss in Q3FY21) indicating a turnaround. In FY21, this segment reported revenue at Rs 24.7 crore, down 47.4%, YoY badly affected by project headwinds. However, we expect projects business focus to be on project closures of legacy projects and focus only on profitable projects in flares and process equipment, going forward. AWL has provided Rs 15.5 crore as provision for doubtful debt and bad debt written off in projects business as one-time clean-up of books.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADORWELD: While projects business revenue declined 19.2% to Rs 13.1 crore, it is EBIT positive wi...

India

Ador Welding Limited manufactures welding electrodes and their accessories. The Company also manufactures industrial electronics equipment and process control equipment, including thermometry instruments, heat treatment control instruments, micro-processor instruments, DC machines and power equipment, as well as reprographic equipment and supplies.

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Ador Welding (AWL IN)

Ador Welding: Focused on Core Business to Regain Growth

Ador Welding (AWL) is a leading player in the welding consumables (~19% market share), welding equipment, automation and projects business

ICICI Securities Limited

ADORWELD: While projects business revenue declined 19.2% to Rs 13.1 crore, it is EBIT positive wi...

While projects business revenue declined 19.2% to Rs 13.1 crore, it is EBIT positive with 7.8% margin (vs. Rs 8.2 crore EBIT loss in Q3FY21)...

ICICI Securities Limited

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