Institutional Equities - Online Share Trading

Institutional Equities
Exhibit 9: Reliance Infrastructure – Valuation trend
(x)
120
100
80
60
40
20
0
Sep-07 Sep-08 Sep-09 Sep-10 Sep-11
EV/EBITDA
5 year avg
Source: Bloomberg, Nirmal Bang Institutional Equities Research
(x)
60
50
40
30
20
10
0
Sep-07 Sep-08 Sep-09 Sep-10 Sep-11
P/E
5 year avg
Source: Bloomberg, Nirmal Bang Institutional Equities Research
Stocks trading below book value
Exhibit 10: Reliance Infrastructure P/BV
(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
Source: Bloomberg, Nirmal Bang Institutional Equities Research
Exhibit 12: IRB Infrastructure P/BV
(x)
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
P/B
5 year avg
Sep-08 Jun-09 Mar-10 Dec-10 Sep-11
P/B value
4 year avg
Source: Bloomberg, Nirmal Bang Institutional Equities Research
Exhibit 11: IVRCL P/BV
(x)
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11
Source: Bloomberg, Nirmal Bang Institutional Equities Research
Exhibit 13: HCC P/BV
(x)
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Source: Bloomberg, Nirmal Bang Institutional Equities Research
P/B
5Y average
Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11
P/B
5 year avg
6 Infrastructure Sector