We forecast a profit of Rs. 2.9bn for FY13/14, growth of 23%. Based on forecasted earnings the share is trading at a forward PE of 7.0x and PBV of 1.4x. This is below the Construction & Engineering sector PE of 13.7x and PBV of 1.6x. Based on the sustainable growth potential in the company and attractive earnings multiples we continue our BUYrecommendation on AEL.
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