Institutional Equities - Online Share Trading

Institutional Equities
Exhibit 5: IVRCL – Valuation trend
(x)
25
20
15
10
5
0
Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11
EV/EBITDA
5 year avg
Source: Bloomberg, Nirmal Bang Institutional Equities Research
(x)
40
35
30
25
20
15
10
5
0
Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11
P/E
5 year avg
Exhibit 6: IRB Infrastructure –Valuation trend
(x)
16
14
12
10
8
6
4
2
0
Sep-08 Sep-09 Sep-10 Sep-11
EV/EBITDA
4 year avg
(x)
30
25
20
15
10
5
0
Sep-08 Sep-09 Sep-10 Sep-11
P/E
4 year avg
Source: Bloomberg, Nirmal Bang Institutional Equities Research
Exhibit 7: HCC-Valuation trend
(x)
25
20
15
10
5
0
Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11
EV/EBITDA
5 year avg
Source: Bloomberg, Nirmal Bang Institutional Equities Research
(x)
100
90
80
70
60
50
40
30
20
10
-
Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11
P/E
5 year avg
Exhibit 8: GMR Infrastructure *–Valuation trend
(x)
60
50
40
30
20
10
0
Sep-07 Sep-08 Sep-09 Sep-10 Sep-11
EV /EBITDA
5 year avg
Source: Bloomberg, Nirmal Bang Institutional Equities Research
(x)
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Sep-07 Sep-08 Sep-09 Sep-10 Sep-11
Note: *PE chart not given as GMR reported loss for past 2 quarters
P/B
5 year avg
5 Infrastructure Sector