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Tuesday, September 23, 2008
Buy Reliance Communications, target of Rs 595: Angel
Angel Broking has maintained its buy rating on Reliance Communications (RCOM) with a target of Rs 595 in its September 20, 2008 research report. "We expect RCOM to record a 24% CAGR growth in Top-line over FY2008-10E, while Bottom-line is expected to grow at a CAGR of 17% over the same period. We estimate a relatively flat Margin profile. At Rs 374, the stock is trading at 10.9x FY2010E EPS. We maintain a Buy on the stock, with a Target Price of Rs 595. This includes Rs 479 as the core business value and Rs 116 as the value of the towerco, Reliance Infratel," says Angel Broking's research report.
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