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By looking at the 1H financial results it is clear that BFL is yet to gain on sales volumes perhaps the volumes might have come down compared to 1H last year given that price increases in recent times. This is reflective in the mere 1% growth in YoY revenue. But the gross profits have double due to reduction in cost of sales probably due to low maize prices and high market price for poultry products.
Based on these facts I forecast a maximum of 5% YoY revenue growth for BFL to record a revenue of LKR3,525 mn for FY 2015/16. Assuming the current margins to continue they will report NPAT around LKR515mn for the year which translates to a forward EPS of Rs32.2. At current price of 230 the share is trading at a PE of 7.1x. If we value the share at a PE of 10x then the share could value about Rs322. So still lot of room for appreciation.
Based on these facts I forecast a maximum of 5% YoY revenue growth for BFL to record a revenue of LKR3,525 mn for FY 2015/16. Assuming the current margins to continue they will report NPAT around LKR515mn for the year which translates to a forward EPS of Rs32.2. At current price of 230 the share is trading at a PE of 7.1x. If we value the share at a PE of 10x then the share could value about Rs322. So still lot of room for appreciation.
