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ULJK Securities neutral on Rolta India
ULJK Securities has recommended a neutral rating on Rolta India. Given its consistent performance during the last three years and the growth rate of 37% achieved in the last year, the stock is trading at high multiples as compared to peers in the industry.
ULJK Securities has recommended a neutral rating on Rolta India in its report. "Our price target methodology is based on the DCF valuation using the FCF methodology. Given its consistent performance during the last three years and the growth rate of 37% achieved in the last year, the stock is trading at high multiples as compared to peers in the industry. With a PE multiple of 51.09, Rolta is now operating with 80% of its revenues in the Engineering Design/GIS Solution Services segment and 18% in the E-Business Solutions and services segments At the CMP of Rs 343, the stock discounts FY2009E & FY2010E earnings at 52.31 x and 30.38 x respectively. We believe that the company could benefit from the joint venture and improve its margins, Neutral," says ULJK Securities' research report.
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