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Buy Larsen and Toubro, target of Rs 3034: Emkay
Emkay Global Financial Services has upgraged its rating on Larsen and Toubro from accumulate to buy with a revised target price of Rs 3034. The traditional approach of PE and EV/Ebidta is not indicative of the true value of the group.
Emkay Global Financial Services has upgraged its rating on Larsen and Toubro from accumulate to buy with a revised target price of Rs 3034 in its July 1, 2008 research report. "We maintain our bullish view on LNT and upgrade from 'ACCUMULATE' to 'BUY' rating and revise our price target from Rs 4381 to Rs 3034. Given the conglomerate's diverse business interests and presence of large number of joint ventures, associates and subsidiary companies, the traditional approach of PE and EV/Ebidta is not indicative of the true value of the group."
"We have used Sum of the Parts (SOTP) valuation and assigned values to individual business segments, subsidiaries and associate companies to capture the true value of the group," says Emkay's research report.
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