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Angel Broking neutral on Geometric
Angel Broking has maintained its neutral rating on Geometric. For 2QFY2009, Geometric recorded a decent 8.7% qoq and 24.6% yoy rise in Top-line. Going forward, the research firm expects Geometric to record a 23.8% CAGR in Top-line and 0.4% CAGR de-growth in Bottom-line over FY2008-10E (excluding extraordinary items).
Angel Broking has maintained its neutral rating on Geometric in its October 20, 2008 research report. "For 2QFY2009, Geometric recorded a decent 8.7% qoq and 24.6% yoy rise in Top-line. Going forward, we expect Geometric to record a 23.8% CAGR in Top-line and 0.4% CAGR de-growth in Bottom-line over FY2008-10E (excluding extraordinary items), even as we expect EBITDA Margins to touch 12.5% in FY2010E from 11.5% levels in FY2008."
"At the CMP, the stock is trading at 5.9x FY2010E EPS. We have downgraded our EPS estimates for Geometric by a significant 38% and 22% for FY2009 and FY2010 respectively, given the poor performance witnessed to-date (1HFY2009 Bottom-line excluding exceptional items lower by 41% yoy adjusting for taxes on extraordinary income.We remain Neutral on the stock," says Angel Broking's research report.
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