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Buy Sesa Goa, target of Rs 4785: India Infoline
India Infoline has recommended a buy rating on Sesa Goa with a target price of Rs 4785. Sesa Goa reported strong Q1 FY09 results, with a topline growth of 147.3% yoy to Rs 12.8 billion.
India Infoline has recommended a buy rating on Sesa Goa with a target price of Rs 4785 in its July 24, 2008 research report. "Sesa Goa reported strong Q1 FY09 results, with a topline growth of 147.3% yoy to Rs 12.8 billion. The growth in revenue was mainly driven by a surge in iron ore realisations and iron ore sales volume. On an annualized basis, the profit translates into an EPS of Rs 643 per share. At the CMP of Rs 3302, the stock is trading at 5.2x FY09E annualized earnings."
"In spite of our conservative assumptions, we expect Sesa Goa to register healthy earnings CAGR of 22.7% during FY08-10E. Based on 4.5x EV/EBITDA on FY10E EBITDA of Rs 32.4 billion, we recommend a BUY on Sesa Goa with a target price of Rs 4785, implying an upside of 45% from the current levels," says India Infoline's research report.
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