Visit http://indiaer.blogspot.com/ for complete details Valuation by Macquire Research
Given the cash utility concern, we believe value will take some time to emerge. We now value PIHC
on a SOTP basis with the remaining part of the business valued at Rs122/sh at 9x FY11E EBITDA of
Rs2.8bn (assuming 16% EBITDA margin whereas management indicated in the high teens to 20%).
We value the net cash (a 15% discount) at Rs482/sh implying a target price of Rs604/sh.
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