Ezion

Ezion: IIFL maintains Buy. Note that lifted by liftboats, grp has doubled its Net Profit every year since its listing in 2007. Likely to register stable earnings growth (consensus estimate of 28% CAGR over FY11-13) with 20%+ ROE, as nearly all its liftboats are under long-term contracts and 70% of the logistical and support services fleet is also under longtime charter. Valuation appears reasonable at 5.1x FY12 PE.