Angel Broking neutral on Sesa Goa
Angel Broking has recommended a neutral rating on Sesa Goa in its April 02, 2009 research report. “Sesa Goa (SGL), a subsidiary of Vedanta Resources Plc., is India’s largest private player in iron ore exports with combined iron ore reserves of 180 million tonnes.
Amidst the ongoing downturn, we estimate the company’s Earnings to decline at a compounded rate of 8.4% during FY2008-10E, owing to the weak pricing outlook for the next two years. Even so, we believe that SGL is the most insulated player in the current downturn considering its low cost operation, zero debt and strong cash balance of Rs 3,219 crore (Rs 41/share). With the recent run up of around 40% in the stock, we believe the stock is fairly valued. Hence, we initiate coverage on the stock with a neutral recommendation, with a fair value of Rs 112,” says Angel Broking’s research report.
Tags: angel broking, buy, buying, nse, sesa goa
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