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Buy IVRCL Infrastructure, target of Rs 154: Motilal Oswal
Posted on: March 21st, 2009 and is filed under Brokerage Recommendations.
Motilal Oswal has maintained its buy rating on IVRCL Infrastructure and Projects with a price target of Rs 154 in its March 19, 2009 research report. “We expect IVRCL to report net profit of Rs 2.2 billion in FY09 (up 6% YoY) and Rs 2.5 billion in FY10 (up 16% YoY). The stock is trading at 7x FY09 and 6x FY10E. Maintain Buy with a price target of Rs 154/share (36.3% upside). We have valued the core business at Rs 123/share (7xFY10 earnings, 15% discount to industry average, to factor in lower tax rates due to 80IA benefits being considered), BOT projects at Rs 20/share (book value) and other subsidiaries at Rs 11/share (based on the CMP),” says Motilal Oswal’s research report.
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