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Buy PVR, target of Rs 256: Prabhudas Lilladher
Prabhudas Lilladher has maintained its buy rating on PVR with a revised target price of Rs 256. At the current market price of Rs 175, PVR is trading at 13.5x FY09 and 8.4x FY10 earnings.
Prabhudas Lilladher has maintained its buy rating on PVR with a revised target price of Rs 256 in its July 21, 2008 research report. "We expect PVR's consolidated revenue and profits to grow at 49% and 70% CAGR respectively over FY07-10E. Factoring for a relatively subdued performance in Q1FY09, concerns on lower occupancy, and slower rollout of new properties due to regulatory hurdles, we revise our price target for PVR to Rs 256 from Rs 317 earlier. However, we expect valuations to be re-rated as the company aggressively scales-up its new ventures. At the current market price of Rs 175, PVR is trading at 13.5x FY09 and 8.4x FY10 earnings. We maintain BUY rating on the stock," says Lilladher's research report.
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