Buy Reliance Infrastructure: Motilal Oswal
Motilal Oswal has maintained its buy rating on Reliance Infrastructure in its April 1, 2009 research report. Reliance Infrastructure, including Reliance Power (45% stake), is targeting to achieve financial closure for projects worth Rs 269 billion by 1QFY10. We expect RELI 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.
Tags: buy rating, Motilal Oswal, reliance infra, stock
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