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Buy Jubilant Organosys, target of Rs 212: IIFL

Posted on: June 19th, 2009 and is filed under Brokerage Recommendations.

IIFL has maintained its buy rating on Jubilant Organosys, with 12-month price target of Rs 212, in its report dated June 17, 2009.

“Adjusted for interest cost on FCCBs, Jubilant is trading at 9x FY10ii core earnings. We believe there is room for re-rating as concerns on the over-stretched balance sheet have significantly eased on account of: 1) better credit availability; and 2) cash conservation policies by the company, such as scale-down of capex plans. Also, our estimates are conservative and 8-10% below the company guidance. Hence, we maintain our ‘BUY’ rating. Our price target of Rs 212 is 10x FY11ii core earnings,” says IIFL’s report.

source: Moneycontrol

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