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Karvy Stock Broking has recommended a buy rating on Dena Bank with a target of Rs 58 in its October 1, 2008 research report. “We are reducing our price target by 17% to Rs 58 from Rs 70 at 1x FY2009 ABV and at 0.95x FY2009 BV. At current valuations, Dena Bank is the most attractively valued bank in our government banking universe, it is also the smallest. Nevertheless, at current valuations the stock is priced at close to its 52-week low of Rs 36 and is even below FY2008 ABV of Rs 39 and ROE for FY2009 is estimated at 23%, a decline from 29% in FY2008,” says Karvy Stock Broking’s research report.

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