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Monday, July 11, 2011

Eon Electric Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,views and outlook,multibagger

Scripscan:Eon Electric Ltd
Code:532658
Cmp:80

Story:Eon elecric ltd is the new name of Indo asian fusegear.The company today announced it would buyback around 18 lakh shares at a price not exceeding 130rs.The same would be done through the open market route.Financially, the company is not in a great shape. Apart from the net profit in Q2FY11 which was on account of the Rs.314 crore it earned by selling off its profit making switchgear business to Legrand, it has a consistent loss making trackrecord in all quarters. That sell off is precisely what helped the company end FY11 with a net profit of Rs.263 crore v/s Rs.2.85 crore in FY10. This gave it an unbelievable EPS of Rs.159. The price is low despite the high EPS as obviously this is a one time inflated EPS. Plus it is now left with CFC and wire business, where the latter is only now turning the corner. The company earned rs.530 crore via Legrand and Rs.150 crore of that was used to pay off debt, which in current fiscal, might bring down its interest cost. Lighting and renewable energy are its new verticals and it hopes to do better in current fiscal.Only Q1FY12 numbers will be able to tell us if that is indeed true.The buyback would reduce the equity an therefore eventually the EPS would get a spike up.The buyback from open market also would protect the downside of the counter.At present prices its a hold.

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