Brics Securities recommends to 'Buy' KEC International at the current market price of Rs 276 with a price target of Rs 491.They reaffirm their positive outlook on KEC and expect the revamped balance sheet to further augment its growth going forward.The financial projections remain unchanged at 22.7% sales CAGR and 46.7% earnings CAGR till FY08. The target price includes Rs 4 per share for the company's investment in RPG Transmission comprising 16.09 lakh shares.At Rs 487 they are valuing KEC at 22.4x on FY07E and 17.3x on FY08E.
