Buy Parekh Aluminex, target of Rs 215: Prabhudas Lilladher

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Buy Parekh Aluminex, target of Rs 215: Prabhudas Lilladher

Prabhudas Lilladher has maintained its buy rating on Parekh Aluminex with a target price of Rs 215. Prabhudas Lilladher expects the company to report 35% CAGR in net sales and 43% CAGR in net profit over FY08-10.

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Prabhudas Lilladher has maintained its buy rating on Parekh Aluminex with a target price of Rs 215 in its June 27, 2008 research report. "We expect the company to report 35% CAGR in net sales and 43% CAGR in net profit over FY08-10. We also expect its EBIDTA margin to improve from 16.2% in FY08 to 17.6% in FY10 due to economies of scale, introduction of new products, higher exports and entry into new geographies."

"At the CMP of Rs 120, the stock trades at 5.7x FY09E EPS of Rs 21.0 and 3.4x FY10E EPS of Rs 35.8. We reiterate BUY rating on the stock with a price target of Rs 215 (6x FY10 earnings) over the next 12 months," says Prabhudas Lilladher's research report.

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