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Saturday, February 20, 2010

Man Infra's valuation looks attractive: Keynote Capitals

Keynote Capitals Research has come out with a research report on Man Infraconstruction (MIL) IPO. The research firm says, MIL’s valuation is attractive in view of the high EBITDA margins the company enjoys, which are higher than peers.

The 56,25,150 equity shares initial public offering (IPO) of the company has opened for subscription. The price band is at Rs 243-252 per equity share and the issue will close on February 22, 2010.

The report says, "Earnings estimates, computed on the basis of year-wise execution of order book, stand at Rs 15.97 and Rs 20.64 per share for FY10E and FY11E respectively, giving a p/e multiple of 15.8x and 12.2x for FY10E and FY11E respectively. In comparison, IVRCL Infrastructure trades at 10.1x FY10E and 10.8x FY11E, and Nagarjuna Construction at 20.8x FY10E and 20.9x FY11E. We believe MIL’s valuation is attractive in view of the high EBITDA margins the company enjoys, which are higher than peers."

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