Buy UTV Software, target of Rs 928: Prabhudas Lilladher

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Buy UTV Software, target of Rs 928: Prabhudas Lilladher

Prabhudas Lilladher has maintained its buy rating on UTV Software Communications with a target price of Rs 928. The scrip has a downside protection with the delay in open offer triggered by Disney (at Rs 861).

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Prabhudas Lilladher has maintained its buy rating on UTV Software Communications with a target price of Rs 928 in its June 27, 2008 research report. "The scrip has a downside protection with the delay in open offer triggered by Disney (at Rs 861); at the same time the company has the potential to deliver surprises similar to The Happening (as it deploys Rs 13 billion of the funds it raised), which increases potential for future earnings upgrade."

"We upgrade our FY10 estimates for UTV from Rs 1079 million to Rs 1242 million. We expect UTV's revenue to grow at a CAGR of 86% over FY07-10 and earnings CAGR of 267% during the same period. At the CMP of Rs 766, the scrip trades at 38.6x FY09E and 24.5x FY10E. We maintain BUY rating on the stock target of Rs 928," says Prabhudas Lilladher's research report.

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