We continue to like GPPL for its strong parentage, geographical advantage and scalability potential. We estimate 26% earnings CAGR over CY13-15E led by continued cargo growth and operating leverage. Stock trades at 12.3x CY15E earnings and 1.8x P/B. Maintain Outperformer with a price target of Rs80
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IDFC: Anand Rathi Securities Research Report
IDFC‘s sum-of-parts valuation gives us fair value of Rs 219; we value the lending business of IDFC at Rs 185/share (2.3x FY12e BV) and other businesses and investments of IDFC at Rs 34/share. Risks: substantial slowdown in infrastructure spending and inability to mobilize resources for the AMC business. We maintain our Buy rating on the stock for a target price of Rs 219
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