View—retain our bullish stance; revised price target to Rs700 Given the initial signs of success in this phase of development of its oil fields, we have tweaked our assumptions (though still conservative) and revising upward the target enterprise value/earnings before interest, tax, depreciation and amortisation (EV/EBITDA) multiple to 6.5x (a 10% discount to its average multiples in the last phase of development FY2006-09 when the output had almost gone up by four times in the three years). Consequently, we revise our price target to Rs700 and retain our Buy rating on the stock.
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