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Angel Broking has maintained its buy rating on CESC with a price target of Rs 406 in its May 4, 2009 research report.

“We expect CESC to record a CAGR of 10.6% in top-line over FY2009-11, while bottom-line would post CAGR of 10.5% in the mentioned period. At the CMP, the stock is trading at 6.9x FY2010E EPS and 0.8x FY2010E P/BV. We have also assigned a lower FY2010E P/BV multiple to the company’s existing power business at 1.25x owing to the drop in relative valuations. Hence, we have arrived at a sum-of-the-part (SOTP) target price of Rs 406 (earlier Rs 449). Nonetheless, considering that the company is inexpensive on FY2010E P/BV basis, we maintain a ‘Buy’ on the stock,” says Angel Broking’s report.

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