[sharetrading] GSPL [1 Attachment]

 

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Anagram's Earning Review:GSPL Q3FY10

VALUATION

Our expectations for GSPL is moderate primarily because of volume growth which is estimated to grow from 15 mmscmd in FY09 to 45 mmscmd in FY11E which is already factored in the price. Tariffs are likely to be in the range of 750-800/tcm from the current level as the company has submitted tariff revision to PNGRB for FY10E-11E. At the price of Rs.90 stock is trading at the P/E multiple of 13.1. Our recommendation is ACCUMULATE from the current market price with a target of Rs. 102 based  EPS of  Rs. 7.8 in FY11E.

 

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