Monday, 27 October 2008

Buy Everest Kanto, target of Rs 310: Karvy

Karvy Stock Broking has maintained its buy rating on Everest Kanto Cylinder with a target of Rs 310 in its October 27, 2008 research report. "During 2QFY09 the company reported revenues of Rs 2,210 million, a strong YoY growth of 73% and sequential growth of 16.8%. EKC reported net profit of Rs 432 million as against Rs 284 million reported during 2QFY08. We expect the company's revenues and profit to grow by 62% CAGR from FY08-FY10. At the CMP of Rs 157 the stock trades at a PE of 6.1x its FY10E earnings. We continue to maintain our BUY rating on the stock with the price target of Rs 310," says Karvy Stock Broking's research report.

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Source: Moneycontrol

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