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Accumulate Balaji Telefilms, target of Rs 52: Angel
Posted on: February 9th, 2009 and is filed under Brokerage Recommendations.
Angel Broking has downgraded its rating on Balaji Telefilms with a target of Rs 52 in its January 29, 2009 research report. “For the quarter, Topline de-grew 36.8% yoy to Rs 50.6 cr (Rs 80 cr) on a Standalone basis. In terms of Earnings, the company registered a decline of 97% yoy in Standalone Bottom-line to Rs 0.6 cr (Rs 18.8 cr) as a result of sharp Margin contraction.
We have downgraded our rating on the stock to Accumulate from Buy, with a revised Target Price of Rs 52 (Rs 103), assigning a lower P/E multiple of 7x FY2010E factoring in higher uncertainty on its programming slate and lower Earnings growth,” says Angel Broking’s research report.
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