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Buy Balrampur Chini, target of Rs 148: Sharekhan

Posted on: June 9th, 2009 and is filed under Brokerage Recommendations.

Sharekhan has recommended a buy rating on Balrampur Chini, with price target of Rs 148, in its report dated June 8, 2009.

“We value Balrampur Chini Mills at an EV/EBIDTA of 7x FY2011E considering the hefty profit growth expected over FY2008-11. Based on this valuation we arrive at a fair value of Rs148 for the stock. At the current market price of Rs 98 the stock trades at 9.7x its FY2010 and 7.9x its FY2011 EPS estimates and 5.6x its FY2010 EV/EBIDTA and 4.7x its FY2011 EV/EBIDTA estimates. We re-initiate coverage on the stock with a Buy recommendation and a price target of Rs 148, implying an upside of 51.8% from the current market price,” says Sharekhan’s report.

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