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Buy Omaxe: Prabhudas Lilladher
Prabhudas Lilladher has come out with a research report on Omaxe. The broking firm has maintained a buy on the stock, in its report dated May 27, 2010.
Prabhudas Lilladher has come out with a research report on Omaxe . The broking firm has maintained a buy on the stock, in its report dated May 27, 2010.
The report says, "Top-line as per expectation, margins disappoint: Omaxe's revenues witnessed a sequential increase of 35%, largely led by strong sales booking as well as execution. However, margins were a great disappointment at 7% as against 24% in Q3FY10."
"Our estimate of the company's NAV stands at Rs209, which takes into account explicit cash flows of its on-going projects, discounted by a WACC of 18% and future projects at 1.5x the land cost. Omaxe's construction business has been valued at 6xFY12E, translating to Rs6.2/share. We are assigning a discount of 35% to the NAV to arrive at our target price of Rs 142. We maintain buy on the stock," according to report.
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