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Buy Ahmednagar Forgings, target of Rs 200: Angel
Angel Broking has maintained its buy rating on Ahmednagar Forgings with a price target of Rs 200. For 3QFY2008, Ahmednagar Forging (AFL) reported almost flat Net Sales, which witnessed a marginal decline of 0.4% to Rs 174.6 crore in line with research firm's expectation of Rs 175.2 crore.
Angel Broking has maintained its buy rating on Ahmednagar Forgings with a price target of Rs 200 in its April 30, 2008 research report. "For 3QFY2008, Ahmednagar Forging (AFL) reported almost flat Net Sales, which witnessed a marginal decline of 0.4% to Rs 174.6 crore in line with our expectation of Rs 175.2 crore. The company's Bottom-line, which recorded 23.5% yoy decline to Rs 15.7 crore, however came in much below our expectation."
"We have revised our EPS estimates for FY2008 and FY2009 to Rs 21.6 (Rs 25.3 previously) and Rs 25.4 (Rs 31.7 previously), respectively. At the CMP, the stock is trading at 7.2x FY2008E and 6.1x FY2009E EPS. The stock is valued at 3.2x FY2009E EV/EBIDTA. We maintain a Buy on the stock, with a revised Target Price of Rs 200," says Angel's research report.
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