Shiv-Vani Oil & Gas Exp Services Ltd: BUY

Shiv-Vani Oil & Gas Exp Services Ltd

CMP Rs424, BUY

Target price Rs648, Upside 52.8%

Shiv-Vani faces huge growth opportunity due to following

ä Huge order inflow on the back of a surge in E&P capex

ä Commitments made in first six NELP rounds yet to be comple ted, NELP VII due in December 2007

ä CBM turnkey projects is a new source of revenue

Valuations are attractive; recommend a BUY with a target price Rs648

At CMP of Rs424, the stock trades at P/E multiple of 9.2x and 7.2x on estimated earnings of Rs46.3 and Rs58.5 for FY09 and FY10 respectively. Given the expected robust build-up in SVL's order book and a rise in operating margins to 39%, we recommend a BUY with a target price of Rs648, implying an upside of 52.8%.

Click below for a detailed Report on Shiv-V ani Oil & Gas Exp Services Ltd

http://www.indiainfoline.com/adserver/InverstorReport_shivvanioil221107.asp

Warm Regards,

India Infoline Research Team

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