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Buy Cranes Software; target Rs 106: Angel Broking
Angel Broking has maintained its buy rating on Cranes Software International, with price target of Rs 106. Going forward, the research firm expects Cranes Software to clock a CAGR of 30.1% in Top-line and 24.2% in Bottom-line over FY2008-10E.
Angel Broking has maintained its buy rating on Cranes Software International , with price target of Rs 106, in its report dated October 31, 2008. "Going forward, we expect Cranes Software to clock a CAGR of 30.1% in Top-line and 24.2% in Bottom-line over FY2008-10E. This would be achieved even as we expect the company's EBITDA Margins to remain under pressure. At the CMP, the stock is trading at 6.8x FY2010E EPS. We expect Cranes to continue to record strong growth on the back of new product launches, the tapping of newer verticals, expansion of the addressable market size, further possible acquisitions and future non-linear growth through commercialisation of investments in proprietary technologies such as Micro Electro-Mechanical Systems (MEMS). We maintain a Buy on the stock, with a revised Target Price of Rs 106 (Rs 154), implying a P/E of 8x FY2010E EPS," says Angel Broking's research report.
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