WEL, with a strong balance sheet, robust net worth, credit rating and cash balance, its interest in diversified sectors, asset light model with focus on ROCE and ROE, focus on operational excellence, prudent risk management and Government of India’s vision and projects of developing infrastructure such as Bharatmala program has immense opportunity for growth. At the CMP of Rs. 95.70, the stock trades at 9 times FY20 EPS of Rs. 11. Hence, we recommend ‘Accumulate’ on the stock with a Target Price of Rs. 121, appreciation of 26% from the current level with a medium to long term investment horizon.