Motilal Oswal neutral on Siemens

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Motilal Oswal neutral on Siemens

Motilal Oswal has maintained its neutral rating on Siemens with a target of Rs 215. The research firm expects Siemens India to report consolidated net profit of Rs 6.1 billion in FY09 (up 20%) and Rs 6.5 billion in FY10 (up 6.7%).

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Motilal Oswal has maintained its neutral rating on Siemens with a target of Rs 215 in its November 26, 2008 research report. "We expect Siemens India to report consolidated net profit of Rs 6.1 billion in FY09 (up 20%) and Rs 6.5 billion in FY10 (up 6.7%). This is a downgrade of 13% for FY09 and 30% for FY10. The stock trades at 14.7x FY08 and 12.3x FY09E earnings. Maintain Neutral, with a revised target price of Rs 215. We value the core business at Rs 208 per share (12x FY09E EPS), SISL at Rs 10 per share (5x FY09E EPS) and other subsidiaries at a negative Rs 4 per share," says Motilal Oswal's research report.

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