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Upgraded price target and recommendation |
BUY
CMP: Rs 370 Target Price: Rs 530
n Q2FY11 PAT growth of 168% to Rs 2.1 bn was ahead of estimates driven by strong results of fertiliser and chemicals
n Fertilisers EBIT tripled to Rs 1.8 bn on the back of NBS policy while chemicals EBIT doubled to Rs 1.3 bn due to favourable spread in caprolactum
n Upgrade FY11E/FY12E EPS by 60%/44%, price target by 43% to Rs 530 and recommendation from ACCUMULATE to BUY
n At our target price, stock trades at FY12E P/BV of 1.4x and EV/EBITDA of 3.8x - a discount of ~50% to other players
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