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Buy JBF Industries, target of Rs 91: Angel Broking
Angel Broking has maintained its buy rating on JBF Industries with a revised target price of Rs 91. The research firm estimates to register Top-line CAGR of 22% over FY2008-10E, while Margins are estimated to decline to 9.5% levels leading to Bottom-line CAGR of 20% in the mentioned period.
Angel Broking has maintained its buy rating on JBF Industries with a revised target price of Rs 91 in its April 09, 2009 research report.
"Prices of two of JBF's key raw materials, viz. PTA and MEG (crude oil derivative) fell significantly qoq during 3QFY2009 following the steep decline in crude prices and adequate manufacturing capacity globally for the same. Hence, we estimate JBF's Margins to improve in FY2010. Consequent to which we estimate it to register Top-line CAGR of 22% over FY2008-10E, while Margins are estimated to decline to 9.5% levels leading to Bottom-line CAGR of 20% in the mentioned period. On the basis of attractive valuation we maintain a Buy on the stock, though with a revised target price of Rs 91," says Angel Broking's research report.
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