Motilal Oswal neutral on Tata Power
Motilal Oswal has maintained its neutral rating on Tata Power Company with a target price of Rs 763 in its April 2, 2009 research report.
“We expect Tata Power to report consolidated net profit of Rs 13.6 billion in FY09, Rs 16.6 billion in FY10, and Rs 14.7 billion in FY11. We arrive at an SOTP-based target price of Rs 763, comprising of power business at Rs 323/share, defense business at Rs 3/share, Delhi distribution business at Rs 76/share, Tata BP Solar at Rs 5/share, investments and cash balance (net off debt) at Rs 177/share, stake in KPC/Arutmin mines at Rs 146/share, Mundra UMPP at Rs 23/share, and Maithon Power Project at Rs 7/share. The stock trades at 11.9x FY10E and 13.4x FY11E EPS. We maintain Neutral,” says Motilal Oswal’s research report.
Tags: brokerage calls, brokerage recos, HOLD, Motilal Oswal
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