Emkay - Power Grid Corporation

Emkay recommends SUBSCRIBE on Power Grid Corporation

PGCIL is valued at 18x its FY07 fully diluted EPS of Rs2.9 at the higher end of the price band, and at 15x at the lower end of the price band.

The P/BV (fully diluted basis) is 1.7x to 2.0x at the lower and upper ends of the price bands respectively.