Buy Sesa Goa; target of Rs 202: Motilal Oswal
Motilal Oswal has upgraded its rating on Sesa Goa to buy with a target price of Rs 202 in its June 5, 2009 report.
“The stock has been re-rated significantly due to its strong balance sheet, low mining cost, and strong volume growth. However, it still trades at significant discount to Indian metal & mining stocks. Rio and BHP too are trading at significant premium. Stock is trading at EV/EBITDA of 4.4x FY10 and 2.8x FY11. It has cash of Rs 41.3 billion (Rs 52 per share). On adjusting interest income, FY10 EPS will drop to Rs 14.7. Thus, the stock is trading at core PE of 7.1x FY10. We upgrade the stock to Buy with a target price of Rs 202 (based on 6x FY10 EV/EBITDA),” says Motilal Oswal’s research report.
Tags: brokerage tips and calls, buy call on sesa goa, buy rating, Motilal Oswal, sesa goa
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