Buy Piramal Healthcare, target of Rs 290: Motilal Oswal
Motilal Oswal has maintained its buy rating on Piramal Healthcare with a target price of Rs 290 in its February 16, 2009 research report. “Piramal Healthcare’s 3QFY09 performance was below estimates, with topline growth of 13.1% to Rs 8.3 billion v/s estimate of Rs 8.65 billion, EBITDA margin at 18.8% v/s estimate of 20% and PAT decline of 23% to Rs 599 million v/s estimate of Rs 976 million. We estimate that adjusted for NCE hive-off, PAT has de-grown by 39% for 3QFY09. We reiterate Buy with a target price of Rs 290 (12x FY10E EPS), an upside of 58%,” says Motilal Oswal’s research report.
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