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Buy Jubilant Organosys, target of Rs 210: Karvy

Posted on: July 13th, 2009 and is filed under Brokerage Recommendations.

Karvy Stock Broking has maintained its buy rating on Jubilant Organosys, with a price target of Rs 210, in its report dated July 13, 2009.

“Jubilant Organosys has set a goal to grow its revenue and profit by 1.5x and 2x respectively in the next three years which will be on back of greater asset efficiency. The company has set a target of 30 % ROE for FY 2013E. We downgrade our EPS for FY 2010E by 16.3 % to Rs 18 and by 3 % to Rs 26 for FY 2011E on account of lower other income, higher interest cost, amortisation on account of foreign currency translation reserve and higher tax. We decrease our price target by 2.3 % to Rs 210 based on 8x FY 2011E. The overhang on stock does remain on account of the FCCB repayment of USD 270 mn by CY 2011. We maintain our ‘BUY’ rating on the stock, with price target of Rs 210,” says Karvy Stock Broking’s research report.

source: Moneycontrol

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