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Brokerage Recommendation

Tuesday, June 08, 2010

ICICI Direct Calls A Buy Fortis Healthcare

CMP: Rs 141     Target Rs 159

At the current market price of Rs141, the stock is trading at levels of 31.5x and 25.9x its FY11E and FY12E EV/EBITDA, respectively. Valuations are looking stretched. However, Fortis’ robust operating performance and its constant growth focus support our positive outlook on the company – our
FY11E and FY12E EPS growth estimate (post dilution after rights issue) stand at 54.5% and 13%, respectively. Still, considering the recent developments on investments in Parkway Holdings, any move by the company to go for a counter bidding may put pressure on its balance sheet in the medium-term. Hence, we maintain our cautiously optimistic view on the stock and downgrade our price target to Rs 159 per share from Rs 180 (based on DCF model) with BUY rating.



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