Angel Broking neutral on Bayer Cropscience

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Angel Broking neutral on Bayer Cropscience

Angel Broking has recommended neutral rating on Bayer Cropscience in its July 21, 2010 research report.

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Angel Broking has recommended neutral rating on Bayer Cropscience in its July 21, 2010 research report.

"We maintain our estimates and expect Bayer Cropscience to register a CAGR of 15.3% and 22.9% in net sales and profit over FY2010-12E, respectively. We expect the company to post EPS of Rs 44.6 and Rs 51.8 in FY2011E and FY2012E, respectively. Our revised SOTP target price is Rs 824 (Rs 722) wherein we have valued the core business at 12x FY2012E EPS fetching Rs 621 per share, and have factored in 20% (50%) discounted value for the Thane land translating into Rs 203 per share post tax. However, at current levels, the stock is trading close to our revised target post the recent run-up in the price. Hence, we maintain our Neutral rating on the stock," says Angel Broking research report.

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To read the full report click on the attachment