Accumulate Everonn; target of Rs 610: Unicon Investment

Unicon Investment is bullish on Everonn Education and has recommended accumulate rating on the stock with a target of Rs 610 in its August 16, 2011 research report.

"Everonn Education Ltd. (Everonn) has reported revenue of INR 982 mn, up 45% (YoY) but down 27% (QoQ). Revenue growth was largely aided by expansion in VITELS which grew 67% on an annual basis. The ICT business also grew 28% YoY. During Q1FY12, the company added 42 new schools and 35 colleges across India. Q1 is a seasonal weak quarter for the company and as a result, the sequential decline in revenue was expected. EBITDA for the quarter stood at INR 366 mn, up 69% (YoY) but down 29% (QoQ).

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