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Arihant Foundation an outperfomer: Spark Capital
Spark capital has given an out performer rating to Arihant Foundation with a target of Rs 610 and 80% upside from current levels. At current valuations, Arihant trades at an extremely attractive P/E multiple of 6x FY08E EPS and 1.6x FY10E EPS.
Spark capital has given an outperformer rating to Arihant Foundation with a target of Rs 610 in its March 19, 2008 research report."We believe that Arihant's existing projects can generate cashflows of > Rs. 8.5 billion over the period FY08-FY12 translating to a present value of Rs. 4.9 billion (net of debt). We have built sufficient conservatism to our estimates on pricing and rollout. At current price of Rs 338, the stock trades at a 45% discount to our estimated SOTP NAV of Rs 610 per share. At current valuations, Arihant trades at an extremely attractive P/E multiple of 6x FY08E EPS and 1.6x FY10E EPS. We initiate coverage on Arihant with an OUTPERFORM rating and 80% upside from current levels," says Spark's research report.
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