ICICI Securities Limited Sterlite Technologies (STEOPT)
ICICI Securities Limited Sterlite Technologies (STEOPT)
ICICI Securities Limited Sterlite Technologies (STEOPT)
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<strong>ICICI</strong> <strong>Securities</strong> <strong>Limited</strong><br />
<strong>ICICI</strong>direct.com coverage universe (Capital Goods)<br />
BHEL<br />
NP (| Cr) EPS (|) PE (x) P/BV (x) RoCE (%) RoE(%)<br />
THERMA CMP 2200 FY10 4311 88.2 25.0 6.9 37.5 29.2<br />
Target 2641 FY11E 5155 105.4 20.9 5.7 39.3 29.9<br />
Mcap (| Cr) 110514 Upside (%) 20.0 FY12E 6504 133.0 16.5 4.6 36.3 27.3<br />
Thermax<br />
NP (| Cr) EPS (|) PE (x) P/BV (x) RoCE (%) RoE(%)<br />
Idirect Code THERMA CMP 677 FY10 141 11.9 57.0 7.7 34.2 14.1<br />
Target 730 FY11E 363 33.2 20.4 6.0 43.3 31.2<br />
Mcap (| Cr) 7901 Upside (%) 7.8 FY12E 518 39.5 17.1 5.0 45.3 35.3<br />
BGR Energy<br />
NP (| Cr) EPS (|) PE (x) P/ABV (x) RoCE (%) RoE(%)<br />
Idirect Code BGRENE CMP 560 FY10 201.0 27.9 20.1 7.9 23.0 31.8<br />
Target UR FY11E 304.8 42.3 13.2 5.9 25.2 36.9<br />
Mcap (| Cr) 4032 Upside (%) - FY12E 372.0 52.7 10.6 4.5 23.6 33.8<br />
Hindustan Dorr Oliver<br />
NP (| Cr) EPS (|) PE (x) P/BV (x) RoCE (%) RoE(%)<br />
Idirect Code HINDOR CMP 90 FY10 56 7.7 11.7 2.9 38.6 27.8<br />
Target UR FY11E 79 11.0 8.2 2.2 36.0 30.4<br />
Mcap (| Cr) 648 Upside (%) - FY12E 106 14.7 6.1 1.7 36.2 31.0<br />
<strong>Sterlite</strong> <strong>Technologies</strong><br />
NP (| Cr) EPS (|) PE (x) P/BV (x) RoCE (%) RoE(%)<br />
Idirect Code <strong>STEOPT</strong> CMP 54 FY10 246 7.0 7.7 2.1 27.8 32.0<br />
Target UR FY11E 170 4.8 11.2 1.6 24.5 26.1<br />
Mcap (| Cr) 1917 Upside (%) - FY12E 241 6.8 7.9 1.2 23.0 24.1<br />
Source: Company, <strong>ICICI</strong>direct.com Research<br />
<strong>ICICI</strong>direct.com | Equity Research<br />
Exhibit 9: Recommendation History<br />
140<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
May-10<br />
May-10<br />
Jun-10<br />
Initiaing Coverage: CMP-|95<br />
TP: |125 (Strong Buy)<br />
Jun-10<br />
Jun-10<br />
Jul-10<br />
Jul-10<br />
Source: Company, <strong>ICICI</strong>direct.com Research<br />
Aug-10<br />
Aug-10<br />
Sep-10<br />
Sep-10<br />
Oct-10<br />
Oct-10<br />
Q3FY11: CMP-|<br />
54<br />
Nov-10<br />
Nov-10<br />
Nov-10<br />
Dec-10<br />
Dec-10<br />
Jan-11<br />
Jan-11<br />
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