LKP Shares puts 'buy' on Excel Crop Care
LKP Shares has rated Excel Crop Care a ‘buy’, with a 12-month price target of Rs 180.
By ET Bureau |
Excel Crop Care
cmp: Rs 93.80
target price: Rs 180
LKP Shares has rated Excel Crop Care a ���buy���, with a 12-month price target of Rs 180. ���We expect ECCL to grow its revenues and profits at a CAGR (compounded annual growth rate) of 43% and 26% over FY07-09 and the stock trading at 3 times FY09E (estimated) earnings, with a dividend yield of 6% is a good bet in the agrochemical space,��� the broking house said in a client note.
���We believe that the farm loan waiver would raise the farmers��� ability to purchase agrochemicals, which coupled with growing food needs and expectations of higher productivity from crops, would push the demand for agrochemicals in India,��� it added.
cmp: Rs 93.80
target price: Rs 180
LKP Shares has rated Excel Crop Care a ���buy���, with a 12-month price target of Rs 180. ���We expect ECCL to grow its revenues and profits at a CAGR (compounded annual growth rate) of 43% and 26% over FY07-09 and the stock trading at 3 times FY09E (estimated) earnings, with a dividend yield of 6% is a good bet in the agrochemical space,��� the broking house said in a client note.
���We believe that the farm loan waiver would raise the farmers��� ability to purchase agrochemicals, which coupled with growing food needs and expectations of higher productivity from crops, would push the demand for agrochemicals in India,��� it added.
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