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Sunday, November 8, 2009

CESC Ltd:Buy/hold/sell.analysis/outlook and recomendation

Scripscan:CESC Ltd

Story:CESC Limited, an integrated power utility company, engages in coal mining, as well as generating, transmitting, and distributing power in Kolkata, India. It also involves in retailing, as well as property development. The company serves domestic, industrial, and commercial users. As of March 31, 2009, it served 2.3 million consumers within the licensed area of approximately 567 sq. km in the city of Kolkata and adjoining areas. The company was founded in 1899 and is based in Kolkata, India. CESC Limited is a part of RPG Enterprises.We expect CESC to record a CAGR of 10.6% in top-line over FY2009-11, while bottom-line would post CAGR of 10.5% in the mentioned period.We have also assigned a lower FY2010E P/BV multiple to the company’s existing power business at 1.25x owing to the drop in relative valuations. Hence, we have arrived at a sum-of-the-part (SOTP) target price of Rs 406 (earlier Rs 449). Nonetheless, considering that the company is inexpensive on FY2010E P/BV basis, we maintain a 'Buy' on the stock.

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