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Buy Madhucon Projects, target of Rs 122: PINC Research

Posted on: May 4th, 2009 and is filed under Brokerage Recommendations.

PINC Research has recommended a buy rating on Madhucon Projects, with a price target of Rs 122 in its May 4, 2009 research report. “Madhucon Projects Ltd.’s (MPL) Q4FY09 results were below expectation. Its revenues grew 38.8% YoY to Rs 3.3 billion backed by robust execution across roads & irrigation segments.

OPM for the period dipped by 443 bps YoY to 7.4% owing to higher raw material expenses at 26% of net sales. Net profits dropped by 57% YoY to Rs 78 million. At the CMP of Rs 78, Madhucon Projects trades at a P/E of 5x and EV/EBIDT of 4.3x its FY10 earnings. Our SOTP valuations peg its fair value per share at Rs 122, indicating a potential upside of 56% from the current levels. Hence, we reiterate our ‘BUY’ recommendation on the stock,” says PINC’s research report.

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