Aug 29, 2008, 04.34 PM IST | Source: Moneycontrol.com

Buy Vishal Retail, target of Rs 546: KRChoksey

KRChoksey Research has recommended a buy rating on Vishal Retail with a target price of Rs 546. VRLs sales grew by 24.7% q-o-q to Rs 396.9 crore mainly driven by store additions, which led to an increase in average footfalls (10% q-o-q) and increase in sales per sq ft (1.5% q-o-q).

KRChoksey Research has recommended a buy rating on Vishal Retail with a target price of Rs 546 in its August 6, 2008 research report. "VRLs sales grew by 24.7% q-o-q to Rs 396.9 crore mainly driven by store additions, which led to an increase in average footfalls (10% q-o-q) and increase in sales per sq ft (1.5% q-o-q)."

"At the CMP of Rs 390, VRL is trading at 12.6x its FY09E EPS of Rs 30.8 and at EV/EBITDA multiple of 12.0x its FY09E EBITDA of Rs 120.9 crore. At these levels the companys stock is trading at a substantial discount to its peer group. We recommend a BUY to the scrip with a twelve-month price target of Rs 546, which represents an upside potential of 40.0%," says KRChoksey's research report.

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