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Buy GTL, target of Rs 401: Emkay
Emkay Researh has maintained its buy rating on GTL with a price target of Rs 401. The company reported Q4FY08 results in line with the research firm's expectations.
Emkay Research has maintained its buy rating on GTL with a price target of Rs 401 in its April 15, 2008 research report. "GTL Ltd reported Q4FY08 results in line with our expectations. The net sales for the quarter increased by 20% yoy to Rs 4745 million. The EBIDTA for the quarter increased by 28% yoy to Rs 710 million. The EBIDTA margins expanded by 90bps yoy to 15% and a 20bps improvement on a qoq basis."
"Considering the strong capex activity in the telecom sector and a strong order book, we expect GTL to report a CAGR growth of 25% and 32% in revenues and PAT respectively over FY08-10E. We maintain our EPS estimates of Rs 21.4 and Rs 28.1 for FY09E and FY10E respectively. We maintain BUY rating with a price target of Rs 401 per share based on SOTP approach (10x EPS of Rs 28.1 for FY10E and value of holding in GTL Infra at Rs 120 per share)," says Emkay's research report.
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