Buy for Nov 20th ( Deepak Fertilizer ) >> Target for 188

By CROW -
As per my yesterday Advised >> SBI gave a profit of Rs 19/-, and MTNl gave a profit of Rs 6/ .

Buy for Nov 20 ( Deepak Fertilizer )

Reason : Sharekhan Research has come out with report on Deepak Fertilisers & Petrochemicals Corporation and has maintained buy rating on the stock with target price of Rs 188, in a report dated on November 15, 2007.

"Net sales of Deepak Fertilisers & Petrochemicals Corporation (DFPCL) grew by 2% year on year (yoy) to Rs216.9 crore. The chemical division and the fertiliser division contributed 69% and 31% respectively to the net sales. The revenue from the chemical division increased by 29% yoy to Rs155.8 crore on the back of a strong contribution from isopropyl alcohol (IPA), while the sales from the fertiliser division dropped by 32% yoy to Rs70.7 crore due to reduced availability of phosphoric acid in the international market and lower availability of material for trading. At the current market price of Rs149, the stock is trading at 8.7x its FY2009E earnings and at an EV/EBIDTA of 6.5x. The improved supply of natural gas would benefit the fertiliser division in the coming years, while its ammonium nitrate project would also start contributing from H2FY2010. In view of future earnings visibility, Ishanya, the company's specialty mall for interiors and exteriors is valued at Rs28.7 per share. We maintain our Buy recommendation on the stock with a revised price target of Rs188 valued at 11.0x its FY2009E earnings. says Sharekhan research report.

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