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Buy Reliance Infra, target of Rs 785: Motilal Oswal
Posted on: March 23rd, 2009 and is filed under Brokerage Recommendations.
Motilal Oswal has maintained its buy rating on Reliance Infrastructure with a target price of Rs 785 in its March 20, 2009 research report.
“We expect Reliance Infrastructure to report net profit of Rs 10.5 billion (up 58.9% YoY) in FY09, Rs 9.9 billion in FY10 (down 5.4% YoY) and Rs 10 billion in FY11 (up 1.9% YoY). The stock quotes at PER of 10.5x FY09E, 11.1x FY10E and 10.9x FY11E. We arrive at a target price of Rs 785/share, comprising of: Power business Rs 90/share, Delhi business Rs 34/share, EPC business Rs 49/share, Cash and cash equivalent Rs 251/share and holding in Reliance Power Rs 361/share (20% holding company discount). Maintain Buy,” says Motilal Oswal’s research report.
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