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Buy Godawari Power & Ispat, target of Rs 320: PINC
PINC Research has maintained its buy rating on Godawari Power & Ispat with a 12-month price target of Rs 320. PINC expects GPIL to ramp up volumes through FY09 and FY10. Also, post completion of the backward integration, operating efficiency should trickle in, thereby improving OPM and profitability.
PINC Research has maintained its buy rating on Godawari Power & Ispat with a 12-month price target of Rs 320 in its June 18, 2008 research report. "We expect GPIL to ramp up volumes through FY09 and FY10. Also, post completion of the backward integration, operating efficiency should trickle in, thereby improving OPM and profitability. Moreover, upon grant of forest clearance for the iron ore mines, a significant expansion in OPM will be witnessed."
"At the CMP of Rs 200, it trades at a P/E of 3.2x & EV/EBIDT of 3.2x discounting its FY10E earnings, which we believe does not factor in the volume growth driving profitability. Thus, we continue to maintain our 'BUY' rating with a 12-month price target of Rs 320," says PINC's research report.
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