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Buy JP Associates, target of Rs 227: Motilal Oswal

Posted on: June 11th, 2009 and is filed under Brokerage Recommendations.

Motilal Oswal has maintained its buy rating on Jaiprakash Associates with a price target of Rs 227 in its June 10, 2009 research report.

“We expect JPA to report standalone PAT of Rs 9.9 billion in FY10E (up 16% YoY) and Rs 9 billion in FY11E (down 9% YoY). Using SOTP, we arrive at price target of Rs 227 per share, of which YE project is valued at Rs 80 per share (net off negative value for BOT projects). The amalgamation with Jaypee Cements, Gujarat Anjan Cement, Jaiprakash Enterprises and Jaypee Hotels have been approved, which has led to equity dilution of 218 million shares and treasury stock of 203 million shares. The stock trades at a P/E of 35x FY11E,” says Motilal Oswal’s research report.

source: Moneycontrol

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