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Let's look at L&T
Current Market Price : 1438
Market CAP: 84,203
Sales For 2009 : 33,900
CroreProfit : 3481 Cr
Current Assets : 2500 Cr
Looking at p/e 84203 cr/ 3481 cr ( 24 ). It's reasonably priced. Although globally EPC companies trades at much lower p/e due to low margin business. Considering that company is growing at rate of 20% higher p/e is justified.
L&T is going to be biggest beneficiary of govt spending on infrastructure due to its high execution skill and size.
* Relatively lower commodity prices and any reduction in cement and steel prices will help company's margin.
* Company is expanding in nuclear power and other ares for diversification of revenue.
* There is some value in other business like L&T IT and Finance business.
Based on on all these factors L&T is attractive investment for next 5 years . It is also
immune to any monsoon dependent sluggishness.
A good entry point should be in range of 1150-1300 Rs. Technically stock is ready for a correction.