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Buy Tata Steel – Motilal Oswal

June 29, 2007

Motillal Oswal in particularly thorough research report has put a BUY recommendation on Tata Corus Steel with a price target of Rs 739.

They expect consolidated earnings to grow at a CAGR of 26% during FY07-09, driven by overall volume growth and margin expansion in Corus. One year target price of Rs739 is based on EV/EBITDA of 5x FY09E.

Tata Steel is expected to report a fully diluted EPS of Rs 91.9 and Rs 110.9 for FY08 and FY09. You can download the report here.

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