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Simplex Infrastructure (SI) has underperformed the BSE Sensex and its peers by ~15% YTD, primarily on account of poor quarterly performances and a lack of visibility on the order book front. However, we believe that it has entered into a comfortable valuation zone (lower than its five and three-year average P/E trading bands) and will catch the eye of investors, given the long-term opportunity in the infra space and with private capex (forming >50% of SIs business) expected to improve in the second half CY2010 (given the excellent IIP numbers). We are expecting a 28.2% Earnings CAGR over FY2010-12E, owing to strong Top-line growth (CAGR of 19.2%) and stable EBITDA margins. We have assigned a Target P/E multiple of 14x (at a ~20% discount to its three and five-year average) on its FY2012E EPS , which implies a potential upside of 24% from current levels. Therefore, we reiterate a Buy on SI.Download Full Report
|MCAP BSE (Rs in Cr)||1,563.86|
|MCAP NSE (Rs in Cr)||1,538.39|
|Div Yield (%)||0.16|
Shareholding Pattern (%)
|Public & Others||8.0|