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Nov 04, 2009, 03.02 PM IST
Reliance Securities has come out with a report on Gujarat NRE Coke's Q2FY10 earnings. The research firm reiterated buy rating with a price target of Rs 83.
"At CMP the Gujarat NRE Coke quotes at an EV/EBIDTA of 3.5x and P/E of 4.8x for FY11E earnings. We expect the revenues to grow at CAGR of 41% over FY09 & FY11E while the bottomline to expand by whopping 135% over the same period. We reiterate our earlier buy with a price target of Rs 83 at which the scrip will quote at an EV/EBIDTA of 4x and P/E of 6.5x for FY11E earnings", says Reliance Securities.
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