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Tata Power Co (TTPW.BO)
Research Tactical Idea
We believe the share price will fall relative to the country index over the next 30 days.
This is because of an earnings release. Tata Power reported F2011 consolidated profit (adjusted for extraordinary items)
of Rs15.4bn, which was 7% lower than our estimate and 20% lower than consensus estimates. The stock is trading at
12.3x F2012E consensus P/E, which is at a premium to its peers. Also, YTD, the stock has outperformed its peers and so
we believe it could give away some of this performance.
We estimate that there is about a 70% to 80% or "very likely" probability for the scenario.
Estimated probabilities are illustrative and assigned subjectively based on our assessment of the likelihood of the
scenario.
Stock Rating: Equal-weight
Industry View: In-Line
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Tata Power Co (TTPW.BO)
Research Tactical Idea
We believe the share price will fall relative to the country index over the next 30 days.
This is because of an earnings release. Tata Power reported F2011 consolidated profit (adjusted for extraordinary items)
of Rs15.4bn, which was 7% lower than our estimate and 20% lower than consensus estimates. The stock is trading at
12.3x F2012E consensus P/E, which is at a premium to its peers. Also, YTD, the stock has outperformed its peers and so
we believe it could give away some of this performance.
We estimate that there is about a 70% to 80% or "very likely" probability for the scenario.
Estimated probabilities are illustrative and assigned subjectively based on our assessment of the likelihood of the
scenario.
Stock Rating: Equal-weight
Industry View: In-Line
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