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Buy Shiv Vani Oil, target of Rs 607: HDFC Sec
HDFC Securities has maintained its buy rating on Shiv Vani Oil & Gas Exploration Services with a target of Rs 607. PAT was Rs 476 million (divergence of +14.1%) higher by 141% yoy and 31% on qoq basis.
HDFC Securities has maintained its buy rating on Shiv Vani Oil & Gas Exploration Services with a target of Rs 607 in its November 4, 2008 research report. "It reported a Net Sales of Rs 1876 million (divergence of -5.3%), higher by 92% yoy and lower by 1% qoq. PAT was Rs 476 million (divergence of +14.1%) higher by 141% yoy and 31% on qoq basis."
"Shiv-Vani Oil is the largest private onshore oil field service provider in India. It has a strong order book position of Rs 48 billion that is 4.8 (x) its FY09E turnover, providing clear visibility of its future revenues. We expect the revenues and profits of the company to grow at a CAGR of 62% and 62% from FY08 to FY10E. At the CMP of Rs 307 it is trading at 8.6x and 5.4x its FY09E and FY10E FDEPS. We have revised our DCF based target price from Rs 744 earlier to Rs 607 (upside of 102% from current levels). We maintain our BUY rating on the stock," says HDFC Securities' research report.
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