Buy Yes bank, target of Rs 238: Angel
Angel Broking has maintained a buy rating on Yes Bank with a revised target price of Rs 238 in its March 28, 2008 research report. “We expect 66% CAGR in Deposits and Advances and 53% CAGR in EPS over FY2007-10E. We have factored in 15% reduction in EPS estimates for FY2009E and FY2010E taking a conservative view on the Forex Derivatives business and revised our estimated FY2010E ABV downwards from Rs 99 to Rs 88. At Rs 186, the stock is trading at 2.1x our revised FY2010E Adjusted Book Value (ABV) of Rs 88. We value the Bank at 2.7x our revised FY2010E ABV to arrive at a 12-month target price of Rs 238 (down 17% from the earlier target price of Rs 289), implying an upside of 28%. We maintain a Buy on the stock”, says Angel’s research report
