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India Cements an outperformer: Karvy
Karvy Stock Broking has rated India Cements as an outperformer with a target price of Rs 154. At a price of Rs 127, the scrip is trading at PER of 6.4x, EV/EBIDTA of 4.5x and EV per tones of USD 85 on its FY10 earnings.
Karvy Stock Broking has rated India Cements as an outperformer with a target price of Rs 154 in its July 7, 2008 research report. "We have downgraded our earning estimate for the company by 9% due to rising input cost (primarily coal prices and transportation cost) coupled with marginal realization growth. At a price of Rs 127, the scrip is trading at PER of 6.4x, EV/EBIDTA of 4.5x and EV per tones of USD 85 on its FY10 earnings."
"Subsequent to earning downgrade we have also reduced the price target to Rs 154 from Rs 189. Despite earning downgrade and subsequent revised price target we believe the ICL is currently trading at compelling valuation which will provide the upside of 19% and rate the company as an outperformer," says Karvy's research report.
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