Polaris Software Laboratories Ltd. - Result Update by Nirmal Bang

Nirmal Bang predicted a 33% appreciation in Polaris after analyzing it's Q2FY11 results. We quote 

At the current price of Rs.172, Polaris is trading at a PE of 8.56x FY11 estimated EPS & 7.47x FY12 estimated EPS. The valuations look attractive at current levels given that some of the company’s peers are trading at significantly higher multiple. Based on our estimated EPS of Rs 23.02 for FY 2012 and a target PE multiple of 10.0x we arrive at a target price of Rs.230 per share for Polaris indicating a potential upside of 33.7% from current levels. Consequently, we reiterate our BUY rating on the stock with a long term view.

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