Fame India a marketperformer: Karvy
Karvy Stock Broking has maintained its marketperformer rating on Fame India with a price target of Rs 26 in its June 10, 2009 research report.
“Net sales of the company grew by 33% YoY (lower than our expectations of 41% YoY) and stood at Rs 231.6 million in Q4 FY09. The F&B revenues showed a robust growth of 45% YoY (increased share in total revenues from 20% in Q4 FY08 to 21% in Q4 FY09) while the advertisement revenues witnessed a growth of 63% YoY (increased share in total revenues from 8% in Q4 FY08 to 10% in Q4 FY09). Together both verticals accounted for 31% of topline in 4Q FY09 as compared to 28% in 4Q FY08.”
“We have increased our price earnings (PE) multiple on the company from 4x to 6.7x of FY10E EPS, giving a price target of Rs 26, as the sector has seen a PE re-rating along with the market rally and the producer-exhibitor strike being called off. However, the stock has run up sharply in the last 1 month (80%), in line with its peers and remains a marketperformer at current levels,” says Karvy Stock Broking’s research report.
source: Moneycontrol
Tags: brokerage tips, brokereage calls, buy or sell, fame india, fame india marketperformer, karvy broking service, nse bse tips, share market, short term view on karvy
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