Sell IVRCL Infrastructure, target of Rs 142: PINC Research
PINC Research has recommended a sell rating on IVRCL Infrastructure and Projects with a price target of Rs 142 in its May 08, 2009 research report.
“IVRCL’s order book as of March ’09 stands at Rs 135 billion (2.8x FY09E Revenues). While water supply & environmental projects dominate a major chunk (68%) of this backlog, buildings & industrial structures (20%) form the second largest segment. In April ’09 the company has already bagged orders worth Rs 3.6 billion & additionally is L1 for orders worth Rs 15 billion.
At the CMP of Rs 179, IVRCL trades at a P/E of 11.6x & EV/EBIDTA of 7.5x
its FY10E earnings. We believe that the current stock price of the company
does not factor the immediate concerns looming over its performance over the next 12-15 months. Our SOTP valuation pegs IVRCL’s fair value per share at Rs 142, indicating a potential downside of 21% from the present levels. Hence, we initiate coverage on the stock with a ‘SELL’ recommendation,” says PINC’s research report.
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