Wednesday 12 November 2008

Accumulate Reliance Comm, target of Rs 272: Emkay Global

Emkay Global Financial Services has maintained its accumulate rating on Reliance Communications with a target of Rs 272 in its November 3, 2008 research report. "The Q2FY09 revenue growth at 6.1% QoQ. The reported PAT at Rs 15.3 billion. Post Q209 we reduce ARPU estimates by 3% and 5% and cut revenue estimates by 2.4% and 3.9% for FY09E and FY10E respectively. We reduce our EPS estimates by 11% and 18% to Rs 24.2 and Rs 28.2 for FY09E and FY10E respectively. We revise our target price to Rs 272 per share (from Rs 518 earlier) based on 20% discount to Bharti Airtel’s FY10E target EV/EBIDTA of 8.8x). Maintain ACCUMULATE rating," says Emkay Global Financial Services' research report.

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Source: Moneycontrol

Posted by Harsh at 09:30

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