ACCUMULATE Cairn :: Kotak Securities

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
 RECOMMENDATION: ACCUMULATE
TARGET PRICE: RS.279 FY16E P/E: 6.9X
Ambiguity on re-negotiation of fiscal terms of Rajasthan block, extension of
contract just upto five years (as against Cairn's appeal for 10 years) and
softening of crude oil prices remains key concerns for the stock, we opine.
We have lowered our crude oil price assumption and accordingly lowered
our earnings estimates. We now revise our target price to Rs.279 (earlier
Rs.320) and recommend ACCUMULATE (i.e buy on dips only) rating on Cairn
India.

LINK
http://www.kotaksecurities.com/pdf/pdfs/FUNDCAIRN10122014094543.pdf