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RECOMMENDATION: BUY
INVESTMENT RATIONALE
The company reported eighth successive quarter of high volume growth.
Non-linear revenues continue to grow at the company average and form
about 27% of revenues.
The order bookings in 2QFY12 were high at $200 ($86mn), indicating a
conducive macro scene.
At our TP, our FY13 earnings will be discounted by about 8x which, we
believe, is undemanding.
The company may have net cash of about Rs.65 per share by FY13 end,
as per our estimates.
RISKS & CONCERNS
Rupee appreciation beyond our assumed levels could provide a
downward bias to our earnings estimates.
A delayed recovery in major global economies could impact growth
prospects of NIITT.
n The company may have net cash of about Rs.65 per share by FY13 end, as per
our estimates.
n Stock is available at 6.3x FY13 estimates.
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