Hold SAIL, target of Rs 84: Indiabulls Securities
Indiabulls Securities Research has upgraded its rating on Steel Authority of India (SAIL) to hold with a target price of Rs 84 in its February 18, 2009, research report. “In Q3’09, SAIL reported weaker-than-expected results due to the fall in steel prices and the decline in steel demand. The top line dipped 6.4% yoy to Rs. 89.2 billion, primarily due to a 22.8% yoy fall in the sales volume to 2.4 million tonnes.”
“We believe that the government’s stimulus packages and increased infrastructure spending will help revive the economy and restrict the fall in demand. Thus, we upgrade our rating to Hold. Based on our DCF valuation, we have arrived at a target price of Rs. 84 (assuming a 15.2% WACC and a 5% terminal growth rate). Therefore, we believe that the stock is fairly valued at the CMP and give a Hold rating,” says Indiabulls Securities’ research report
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