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Edelweiss an outperformer, tgt Rs 630: Prabhudas Lilladher
Prabhudas Lilladher has maintained outperformer rating on Edelweiss Capital with target price of Rs 630. At just 1.7x FY09E and 1.5x FY10E book, the stock is cheap from a 12-18 month perspective
Prabhudas Lilladher has maintained outperformer rating on Edelweiss Capital with target price of Rs 630 in its July 15, 2008 report. "Edelweiss Capital (EDEL) reported a sharp 38.6% QoQ decline in its agency business (fees & commissions). Overall revenue declined 33.4% QoQ, cushioned to some extent by lower declines in treasury/dividend income and interest income from financing business. PAT declined by 22.7% QoQ due to a surprisingly steep fall in operating and employee costs. At just 1.7x FY09E and 1.5x FY10E book, the stock is cheap from a 12-18 month perspective. Maintain long-term Outperformer rating with a reduced price target" says Prabhudas Lilladher report.
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