Motor Sich Reports 32% Margin in 9M
OREANDA-NEWS. November 1, 2010. Motor Sich (UX: MSICH
Concorde Capital: Though revenue growth of 29% y-o-y is higher than what we expect for 2010E (16% y-o-y), the whole year figure might contract from that posted in 9M10 because in 2009 the company posted weak results in the first half of the year, but compensated with strong figures in the second half. Contrary to last year’s trend, Motor Sich’s quarterly results appear less skewed this year. Nevertheless, the company is trading at 3.1 EV/EBITDA 10E and we confirm our BUY recommendation with target of USD 380 per share.
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