'Buy' Zen Technologies Says Motilal Oswal, Revises Target Price

Motilal Oswal Report

Our recent interactions with Zen Technologies Ltd.'s management indicate that ordering in key areas of Zen will start ramping up in the coming months.

The company is also close to finalizing the plans for an inorganic acquisition for simulator or anti-drone business and is looking at the US as one of the key markets in the future.

Recently, Zen has signed an MoU with AVT Simulation, which is into air simulation systems, and Zen intends to complement its ground simulation system portfolio through this MoU.

Zen also expects improved traction in its recently launched products on remote-controlled weapon and battle surveillance systems.

We maintain our estimates and roll forward to Dec, 26 earnings and arrive at a revised target price of Rs 2,400 based on 40 times two-year forward earnings. Retain Buy.

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