Motilal Oswal neutral on Unitech
Motilal Oswal has maintained its neutral rating on Unitech, in its report dated June 29, 2009.
“We have upgraded our NAV estimate to Rs 83/share from Rs 66/share, to account for (i) accelerated launch of projects, ii) reduction of WACC and cap rates, and (ii) 5% CAGR in real estate prices vs zero increase earlier. The stock trades at 1.9x FY11E adjusted BV of Rs 44/sh and at 1x its FY11E NAV of Rs 83/share. While the macro outlook has turned positive for Unitech, we believe the stock is fairly valued. Maintain Neutral,” says Motilal Oswal’s report.
source: Moneycontrol
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