Ahluwalia Contracts INITIATION REPORT By Karvy

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March 30, 2015 at 10:08 pm #1937

Vidhi Khanna
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Premium valuation on back of superior financials: At CMP, ACIL trades at attractive valuations of 19.2x/13.4x FY16E/17E EPS and 10.7x/7.8x FY16E/17E EV/EBITDA. We have valued ACIL at 16x FY17E EPS which is close to 15.6x 1-year forward average of last 9 months and slightly above than historical average of 15x during FY08-10 (business was reviving). We initiate coverage on ACIL with a BUY rating and a price target of Rs283.

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