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Buy Lanco Infratech, target of Rs 413: Angel
Angel Broking has initiated a buy rating on Lanco Infratech with a target of Rs 413. The research firm estimates Lanco's Top-line to grow at a CAGR of 95% over FY2008-10E, while Margins are expected to stablise at 16.0% levels by FY2010E.
Angel Broking has initiated a buy rating on Lanco Infratech with a target of Rs 413 in its September 12, 2008 research report. "We estimate Lanco's Top-line to grow at a CAGR of 95% over FY2008-10E, while Margins are expected to stablise at 16.0% levels by FY2010E. Bottom-line is estimated to post a CAGR of 47% in the mentioned period. At Rs 291, the stock is trading at attractive valuations. We have arrived at a SOTP Target Price of Rs 413 valuing Lanco's core C&EPC business at Rs 175 (9 x FY2010E EPS), Power business at Rs 175 (on DCFE and/or P/BV basis), BOT business at Rs 14 (on DCFE basis) and Real Estate arm at Rs 49 (on NAV basis). We Initiate Coverage on the stock, with a Buy recommendation," says Angel Broking's research report.
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