Prabhudas Lilladher in its report said “we estimate Nifty EPS at 855.2 and 963.4 and introduce FY25 EPS at 1069.2. This shows a growth of 12.1/12.7/11.0% for FY23/24/25. Our estimates are 3.5% and 5.6% and 8.3% lower than consensus EPS estimates. Nifty is currently trading at 19x one-year forward PE which is a 7.8% discount to a 10-year average of 20.5.”
In the base case, “we value Nifty at last 10-year average PE of 20.5x on September 2024 EPS of Rs 1,016, and arrive at September 23 Nifty target of 20936,” said the brokerage.
High conviction picks
Prabhudas Lilladher added
and in high conviction picks and removed L&T from the list.
“Bharti is a play on a strong recovery in the telecom sector led by consolidation, rising…