At CMP of Rs 241 Allied Digital Services trades at a forward P/E of 7.3x and a TTM P/E of 10x, whereas its peers like Omnitech and Glodyne trade at a TTM P/E of 10x and 20x respectively. We believe that with the expected margin expansion going forward, the stock is due for a re-rating. Valuing Allied Digital Services at P/E of 10x FY11E EPS of Rs 32.7, we recommend a BUY on Allied Digital Services with a 12M target of Rs 327
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