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Buy Great Offshore, target of Rs 376: Reliance Money
Posted on: April 1st, 2009 and is filed under Brokerage Recommendations.
Reliance Money has maintained its buy rating on Great Offshore with a target price of Rs 376 in its April 1, 2009 research report.
“Great Offshore Limited has bagged a 3 year charter commencing end April 2009 with ONGC for three of its vessels (1 PSV and 2 AHTSVs) for operating in offshore India. The aggregate value of contract is around USD 65 million. Keeping in view a relatively stable business profile (as 75%-80% of revenues come from ONGC) and good earnings visibility on account of long term contracts, we maintain ‘BUY’ on Great Offshore with target price of Rs 376. At our target price, GOFF would trade at 6.1x FY10 earnings, and at 0.6x of its NAV,” says Reliance Money’s research report.
Tags: buy, Great Offshore, reliance money
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