Dec 26, 2012, 12.11 PM | Source: Moneycontrol.com
Emkay Global Financial Services is bullish on NMDC and has recommended buy rating on the stock with a target of Rs 196 in its December 24, 2012 research report.
, Emkay Global Financial Services |
“At the CMP of Rs 159, the stock trades at 8xFY14 EPS and 4.5xFY14 EV/ EBITDA. Currently the global pure play iron players are trading at 9.8xCY13/FY14 PE and 6xCY13/FY14E EV/ EBITDA. Moreover, NMDC has been trading at an average EV/EBITDA of 8x during the past two years. With a dividend yield of 3.7% and potential for strong future growth, the valuations look very attractive. We value the stock at 6xFY14 EV/ EBITDA and initiate our coverage with a BUY rating and TP of Rs 196,” says Emkay Global Financial Services research report.
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