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Edelweiss an outperformer: Prabhudas Lilladher
Prabhudas Lilladher has maintained outperformer rating on Edelweiss with target price of Rs 820. With just 26.0% of its revenue in FY08 coming from broking (going down to 20.4% in FY10E), EDEL is one of the more diversified capital market companies in India.
Prabhudas Lilladher has maintained outperformer rating on Edelweiss with target price of Rs 820, in its June 24, 2008 report. "Edelweiss Capital's (EDEL) management, in its first annual report post listing, has stressed the importance of its diversified business model. With just 26.0% of its revenue in FY08 coming from broking (going down to 20.4% in FY10E), EDEL is one of the more diversified capital market companies in India. At 2.3x FY08E book value and 2.0x FY09E down-cycle earnings, valuations are clearly attractive for a longterm investor. Given the near-term uncertainty in the equity markets and the high-beta nature of the stock we remain neutral on its near-term prospects, though rate it Outperformer from a 12-18 month perspective" according to Prabhudas Lilladher report.
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