Buy Vakrangee Softwares, target of Rs 304: Emkay

Emkay Research has recommendaed a buy rating on Vakrangee Softwares with a target price of Rs 304 in its March 31,2008 research report." We expect the topline and bottomline of the company to grow at a CAGR of 76.7% and 68.6% respectively and the EPS to grow at 62.5% during FY07A-10E. At the current market price of Rs 199, VSL is attractively valued at 9.2x FY08E, 5.6x FY09E and 3.6x FY10E earnings. We initiate coverage on the company with a BUY and one year forward target price of Rs 304. At our target price, the stock trades at 8.5x FY09E earnings", says Emkay research report.

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