Hold CESC; target of Rs 727: ICICI Direct

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ICICI Direct's research report on CESC

CESC reported Q3FY21 results that were mostly in line with estimates. Again the key highlight was the improved performance at Dhariwal Infra and reduction of losses at distribution business, which is commendable. In contrast, the company has declared a generous interim dividend of Rs 45/share wherein the yield works out to 6.7% at the current market price.

Outlook

We continue to value the stock at 7x but roll over the valuations to FY23E EPS to arrive at a fair value of the stock at Rs 727 (earlier Rs 680). We maintain our HOLD rating.

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