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CCI an outperformer, tgt Rs 956: Karvy
Karvy research has maintained outperformer rating on Container Corporation of India with target price of Rs 956. At current levels of Rs 775, the stock is trading at 5.7x FY09 and 4.9x FY10 earnings
Karvy research has maintained outperformer rating on Container Corporation of India with target price of Rs 956 in its July 11, 2008 report. "For FY09, we expect the revenue to increase by 15.2% to Rs 38.48 billion and net profit to grow by 16.4% to Rs 8.82 billion. Overall; we expect the revenue growth of 16.9% CAGR to Rs 45.6 billion in FY10 and net profit to increase at a CAGR of 17% Rs 10.36 billion in FY10. At current levels of Rs 775, the stock is trading at 5.7x FY09 and 4.9x FY10 earnings and EV/ EBIDTA it is trading at 7.4xFY09 and 5.8x FY10. We are maintaining our valuation at 12XFY10 earnings with target price of Rs 956.However, considering fall in share price, we are upgrading our rating from Market performer to Outperformer.
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