Redington Research Report: Kotak Securities

At the current market price of Rs.82, Redington‘s stock is attractively valued at 2.3x P/BV, 11.8x earnings and 10.4x cash earnings based on consolidated FY12E earnings
estimates. We continue to remain positive on the medium to long term growth prospects of Redington as we feel that Redington is poised to handle a greater share of the business in supply chain solution space with its unique business model, proven execution capabilities and its presence in potential markets. Due to 16% upside potential from current levels we upgrade Redington from REDUCE to BUY with increased price target of Rs.95.