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May 23, 2009, 03.09 PM IST
Sharekhan has recommended a buy rating on Man Industries, with price target of Rs 66. Assuming a substantial discount to the average multiple, the research firm has valued Man Industries taking the average of 5x one-year forward PE multiple and 2x one-year forward EV/EBIDTA multiple.
Sharekhan has recommended a buy rating on Man Industries with price target of Rs 66 in its report dated May 21, 2009.
"Assuming a substantial discount to the average multiple, we have valued Man Industries taking the average of 5x one-year forward PE multiple and 2x one-year forward EV/EBIDTA multiple. In our valuations, we have not considered the value of its real estate portfolio as the realty business is at a very nascent stage. However, we have valued the real estate projects of the group at Rs103.4 crore (considering the group’s 58% stake in the projects) and if this value is included in our estimates the same could add about Rs 19 to the sum-of-the-parts valuations. We recommend a 'Buy' on the stock with a price target of Rs 66," says Sharekhan's report. Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. .........
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