Aug 05, 2013, 02.13 PM IST
Brokerage house ICICIdirect.com has recommended hold rating on Reliance Communication (RCOM) with a price target of Rs 135, in its August 2, 2013 research report.
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Hold Reliance Communication; target Rs 135: ICICIdirect.com
Brokerage house ICICIdirect.com has recommended hold rating on Reliance Communication (RCOM) with a price target of Rs 135, in its August 2, 2013 research report.
Like this story, share it with millions of investors on M3
Hold Reliance Communication; target Rs 135: ICICIdirect.com
Brokerage house ICICIdirect.com has recommended hold rating on Reliance Communication (RCOM) with a price target of Rs 135, in its August 2, 2013 research report.
"Reliance Communication (RCom) reported its Q1FY14 numbers, which exhibited good growth in ARPM in line with the industry. Led by ARPM expansion of 4.5 percent QoQ, the topline grew 3.6 percent QoQ while the EBITDA at Rs 1604.2 crore grew 15.2 percent QoQ. Our estimates were off the mark since we had expected revenue from the passive network sharing deal to flow in Q1FY14 while the management indicated it would reflect in Q2FY14. The EBITDA margin expanded 304 bps QoQ to 30.2 percent, which was aided by lower access charges and SG&A expenses. The company reported a PAT of Rs 108.4 crore. Successful initiatives on the debt reduction front and further expansion in ARPM would be closely watched. We continue to rate the stock as HOLD with a target price of Rs 135."
"The wireless business performance was slightly below industry in terms of volume growth. However, ARPM expansion has been commensurate at 4.5 percent. Any successful debt reduction measures would be key triggers to watch out for. We have estimated Reliance Properties will bring in a value of Rs 32/share, which when added to our DCF target price of Rs 103/share yields a target price of Rs 135/share. We rate the stock as HOLD," says ICICIdirect.com research report.
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To read the full report click here
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