This is what Citi says in its research,
Our Rs264 target price for JPA is based on a sum-of-the-parts valuation, specifically: 1) The construction business is valued using FY11E EV/EBITDA of 9x; 2) Cement capacity is valued at US$90/ton, in line with sector averages; 3) JHPL is valued at a 35% discount to the current market price; 4) Stake in Karcham Wangtoo is valued using a DCF as of Mar10; 5) Jaypee Greens is valued using a DCF as of Mar10; 5) Hotels are valued at FY11E EV/EBITDA of 8x; and 6) Treasury shares are included at the current market price
They take into consideration every business the company owns for calculating the stock price based on sum of parts.
BOFA-Merrill values the company at Rs 300 / share as follows,
Infrastructure including real estate 157
Power 108
Cement 67
Hotels 4
Projects ongoing 13
Treasury stock 26
Net Debt -77
Sum of parts = 298 ~ 300 / share