Buy Bhushan Steel, target of Rs 504: PINC Research
PINC Research has recommended a buy rating on Bhushan Steel with a price target of Rs 504 in its May 06, 2008 research report.
“Bhushan Steel’s Q4FY09 results were above expectations as net sales declined marginally by 8% to Rs 12.1 billion. The decline was arrested by higher sales volumes of long products, despite the dip in flat product volumes and overall realisations. Net profits dropped 21% to Rs 1.2 billion.”
“Bhushan Steel currently trades at a P/E of 5.9x its FY11E EPS of Rs 77.5. We believe FY10 could result in declining net profits as a result of lower realisations and higher capital costs. Post commissioning of the backward integration facilities, we believe there is an ample room for margin expansion. We recommend a ‘BUY’ on the stock with a 12-month price target of Rs 504,” says PINC’s research report.
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