Jain Irrigation Systems Ltd.
CMP: Rs 513
Target Price: Rs 960
Valuations
At CMP, the stock quotes at a PER of 18x FY09E EPS of Rs. 28 and 12x FY10E EPS of Rs 42.8. We believe Jain Irrigation is a structural story which offers a good proxy on the evolution of the missing peg of growth opportunity in the Indian agronomy. We believe entry into water infrastructure management business only strengthens the core focus of the company: Water & Agriculture. BUY on the stock with a price target of Rs 960 (23x FY10E EPS) over the next 12 months.
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