Buy Nelcast, target of Rs 104: PINC

PINC Research has recommended a buy rating on Nelcast with an 18 month target of Rs 104 in its October 3, 2008 research report. "At the CMP of Rs 60, Nelcast is trading at a P/E of 2.3x discounting its FY10E EPS of Rs 26. It trades at an EV/EBIDTA and EV/Sales of 2.4x and 0.3x its FY10E earnings. Considering the attractive valuations and a significant discount to peers, we initiate coverage with a ‘BUY’ recommendation and a price target of Rs 104 over an 18 month investment horizon," says PINC's research report.

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