SPANCO
Current market price: Rs 95,
Fair value: Rs 142
CRISIL Equities has assigned a fundamental grade of 2/5 to Spanco indicating ‘moderate’ fundamentals relative to other listed equity securities in India. Spanco has a decade-long presence as a telecom system integrator and has also participated in various government projects. It would benefit from the opportunities presented by various sector modernisation initiatives. It has a robust order book of Rs 1,075 crore (March 2010). CRISIL expects Spanco’s revenues to grow at a two-year CAGR of 13 per cent to Rs 1,733 crore, while EPS is seen at Rs 27.3 in 2011-12. CRISIL has used the PE ratio method to value Spanco and arrived at a one-year fair value of Rs 142 per share, which translates into a valuation grade of 5/5, indicating ‘strong upside’ from the current levels.
— Crisil Equities
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