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Buy Tata Steel, target of Rs 1083: Emkay
Emkay Research has maintained its buy rating on Tata Steel with a target price of Rs 1083. Tata Steel reported FY08 adjusted consolidated net profit of Rs 62.7 billion which was below research firm's estimates by 5%.
Emkay Research has maintained its buy rating on Tata Steel with a target price of Rs 1083 in its June 27, 2008 research report. "Tata Steel reported FY08 adjusted consolidated net profit of Rs 62.7 billion which was below our estimates by 5%. Consolidated net sales stood at Rs 1315.4 billion with consolidated EBITDA at Rs 180 billion marginally below expectation."
"At CMP of 757, the stock is trading at 7x FY08 FDEPS of Rs 108.3 and EV/ EBITDA of 5.8x FY09 estimates. Given the compelling valuations, and our positive outlook on steel cycle, we maintain BUY on the stock with target price of Rs 1083," says Emkay's research report
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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