We came back bullish after meeting the management of Navneet Publications. We expect 17% revenue and 18% earnings CAGR over FY09-11.
The stock trades at P/E of 8.9x FY11E. We like Navneet because of its strong balance sheet and consistent dividend payout.
Further, success in its fledgling e-learning business has potential to rerate the stock. We recommend a BUY in the stock.
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