Jan 25, 2013, 01.22 PM | Source: Moneycontrol.com
Motillal Oswal has maintained neutral rating on Reliance Communications with a target price of Rs 90 in its January 24, 2013 research report.
Motilal Oswal (more)
CMD, Motilal Oswal Financial Services (MOFSL) |
"Motillal Oswal has maintained neutral rating on Reliance Communications with a target price of Rs 90 in its January 24, 2013 research report.
“Reliance Communications' 3QFY13 EBITDA grew 3% YoY and 1% QoQ to INR16.5b (v/s est of INR17.1b). Consolidated revenues grew 5% YoY and 2% QoQ to INR53b (v/s est of INR52.7b). Reported net profit of INR1.05b (down 44% YoY but up 3% QoQ) was below our estimate of INR2.2b on lower EBITDA and higher finance costs.Wireless revenues grew 2% YoY/QoQ to INR45.2b v/s est of INR45.4b. Excluding impact of revenue loss due to closure of Etisalat DB operations, wireless revenues grew 4.7% YoY.”
"Wireless EBITDA grew 2% YoY/QoQ to INR12.1b (EBITDA margin of 26.7%). Excluding Etisalat DB closure impact, wireless EBITDA grew 15% YoY. Wireless traffic grew 3% YoY and 0.5% QoQ to 103b minutes, while RPM improved 1.5% QoQ to ~44p. GEBU revenues/EBITDA remained largely flat YoY/QoQ. Wireless RPM increase of 1.5% QoQ for RCom underscores enhanced industry focus on RPM improvement. During September 2012, RCom had undertaken a base tariff increase from 1.2p/s to 1.5p/s.We maintain our revenue and EBITDA estimates for FY14E/15E."
"The stock trades at EV/EBITDA of 8.1x FY13E and 6.6x FY14E. Maintain neutral with a target price of INR90/sh based on 6x FY15,” says Motilal Oswal research rerpot.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
Sources tell CNBC-TV18 that Supreme Court has stay
Prakash Gaba of prakashgaba.com is of the view tha
According to a Grant Thornton report, deals worth
Credit Suisse says it remained cautious on the cem
CNBC-TV18's Ekta Batra lists out stocks that you s
Motilal Oswal is bullish on Yes Bank has recommend