Buy Indiabulls Real Estate target of Rs 244 Motilal Oswal

Published on Mon, Aug 16, 2010 at 17:44   |  Updated at Mon, Aug 16, 2010 at 19:37  |  Source : Moneycontrol.com
Motilal Oswal is bullish on Indiabulls Real Estate and has recommended buy rating on the stock with a target of Rs 244, in its August 13, 2010 research report.
"IndiaBulls Real Estate (IBREL) reported revenue of Rs 1.7 billion for 1QFY11, up 8.5x as compared with Rs 179 million in 1QFY10. EBITDA was Rs 217 million versus a loss of Rs 300 million in 1QFY10. EBITDA margin expanded to 12.6%. Net profit increased to Rs 252 million versus a loss of Rs 193 million in 1QFY10IBREL is available at 30% discount to its FY12E NAV of Rs 269 per share and trades at 11.6x FY12E EPS of Rs 16.7 and 0.8x FY12E BV of Rs 251. We are revising our recommendation from Neutral to Buy, with a price target of Rs 244 (~10% discount to FY12E NAV of Rs 269 per share),” says Motilal Oswal research report.