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Sterlite Technologies Ltd

Sector: Connectivity & Networking

We value it at 17.1x of FY24E EPS of Rs 17.6 per share to arrive at a Target Price of Rs 300 per share giving 40% discount to Median Industry P/E of 28.5x.

30-Mar-2022

Target Price ()

300

Recommended Price ()

226

Potential Returns (%)

33

CMP ()

224.95

52 Week H/L ()

318-170

Returns(%) 1M

27.57

3M

-22.52

6M

-21.15

1Y

14.09

Rail Vikas Nigam Ltd

Sector: Infrastructure

We value it at 5.3x of FY24E EPS of Rs 8.35 to value it at Rs 44 per share using dividend distribution approach for terminal dividend yield of 13.6% at current prices.

23-Dec-2021

Target Price ()

44

Recommended Price ()

34

Potential Returns (%)

29

CMP ()

34.20

52 Week H/L ()

44.75-20.65

Returns(%) 1M

-2.30

3M

12.19

6M

5.91

1Y

53.38

Triveni Engineering and Industries Ltd

Sector: Sugar

We recommend Triveni Engineering with a BUY rating and Target Price of Rs 254 per share at 7.2x EV/EBITDA for FY23E owing to its rapid increase in EBITDA margins in FY23E, flourishing Water and Power Transmission business, and 21.85% stake in Triveni Turbines Ltd.

21-Oct-2021

Target Price ()

254

Recommended Price ()

203

Potential Returns (%)

25

CMP ()

207.80

52 Week H/L ()

220-62.45

Returns(%) 1M

17.71

3M

6.41

6M

84.89

1Y

171.25

Orient Cement Ltd

Sector: Cement

We recommend Orient Cement with a BUY rating with a Target Price of Rs 190 per share at 5.7x EV/EBITDA for FY23E.

01-Oct-2021

Target Price ()

190

Recommended Price ()

157

Potential Returns (%)

21

CMP ()

157.25

52 Week H/L ()

173.4-56.5

Returns(%) 1M

3.45

3M

16.25

6M

64.78

1Y

159.14

IDFC Ltd

Sector: Holding Company

We recommend a BUY rating on IDFC Limited with a patience to hold the stock for a Target Price of Rs 80 per share.

20-Sep-2021

Target Price ()

80

Recommended Price ()

54.5

Potential Returns (%)

46.7

CMP ()

55.90

52 Week H/L ()

62.6-28.2

Returns(%) 1M

23.55

3M

3.26

6M

4.43

1Y

74.88

IDFC First Bank Ltd

Sector: Banking

We recommend IDFC FIRST Bank with a BUY rating and Target Price of Rs 73 per share for FY23E Adj BV of Rs 38 per share at 1.9x P/Adj. BV.

30-Aug-2021

Target Price ()

73

Recommended Price ()

42.5

Potential Returns (%)

71

CMP ()

47.05

52 Week H/L ()

69.3-26.85

Returns(%) 1M

18.44

3M

-15.94

6M

-20.95

1Y

70.47

Poonawalla Fincorp Ltd

Sector: NBFC

We apply a P/BV of 2.1x on FY23E BVPS, to arrive at a target price of Rs 190 per share with an upside of 22% to CMP. Hence, we recommend a ‘BUY’ on the shares of MFL.

06-Jul-2021

Target Price ()

157

Recommended Price ()

190

Potential Returns (%)

22

CMP ()

168.85

52 Week H/L ()

199.65-31.8

Returns(%) 1M

-7.96

3M

10.58

6M

46.94

1Y

395.58

Indian Railway Finance Corporation Ltd

Sector: NBFC

We apply a P/BV of 0.86x on FY23E BV, to arrive at a Target Price of Rs. 28 per share with an upside of 21.5% to CMP. Hence, we recommend a ‘BUY’ on the shares of IRFC Ltd.

18-May-2021

Target Price ()

28

Recommended Price ()

23

Potential Returns (%)

21.5

CMP ()

22.30

52 Week H/L ()

26.6-20.75

Returns(%) 1M

-1.54

3M

-9.86

6M

-6.08

1Y

-9.86

Gujarat Narmada Valley Fertilizers & Chemicals Ltd

Sector: Chemicals & Fertilisers

We recommend a BUY on GNFC with a TP of Rs 380 based on 8x FY23E EPS. Our TP represents a 21% upside to the company’s stock from its CMP of Rs 313.

06-Apr-2021

Target Price ()

380

Recommended Price ()

313

Potential Returns (%)

21

CMP ()

406.00

52 Week H/L ()

425-183.25

Returns(%) 1M

22.25

3M

7.28

6M

29.49

1Y

84.09

Indian Railway Catering & Tourism Corporation Ltd

Sector: Travel & Hospitality Services

Given the monopoly nature, consumer technology platform, and strong cash flow of the business, we are ascribing a P/E multiple of 45x on FY23E EPS of the company and arrive at a TP of Rs 2,230 per share.

02-Mar-2021

Target Price ()

2230

Recommended Price ()

1897

Potential Returns (%)

18

CMP ()

3,702.95

52 Week H/L ()

4017-1291

Returns(%) 1M

44.56

3M

77.76

6M

100.65

1Y

169.12

NMDC Ltd

Sector: Iron Ore Mining

Based on FY22E EBITDA, we apply EV/EBITDA multiple of 4.2x and arrive at a target price of INR 161/per share with an upside of ~27% from CMP and hence recommend a BUY on the shares of NMDC Ltd.

26-Feb-2021

Target Price ()

161

Recommended Price ()

127

Potential Returns (%)

27

CMP ()

140.20

52 Week H/L ()

213.15-75.6

Returns(%) 1M

-2.79

3M

-20.10

6M

8.26

1Y

78.18

Steel Authority of India Ltd

Sector: Iron Ore & Steel Products

We expect EBITDA to grow at a CAGR of 19% over FY20/22E supported by iron ore revenue and high steel prices. Based on FY22E EBITDA, we apply EV/EBITDA multiple of 5.6x and arrive at a target price of INR 92/per share with an upside of ~18% from CMP and hence recommend a BUY on the shares of SAIL

08-Jan-2021

Target Price ()

92

Recommended Price ()

78

Potential Returns (%)

18

CMP ()

106.75

52 Week H/L ()

151.1-32.65

Returns(%) 1M

-4.12

3M

-11.00

6M

52.87

1Y

217.39


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