Maintain Buy
Based on our current estimates, Industrea is trading on 6.3x our FY10 EPS
forecast. In our view, the stock remains significantly undervalued at these levels
and we would expect it to outperform going forward.
Valuation: $0.35 price target unchanged
We continue to value Industrea on a DCF basis (WACC 12.0%, TGR 2.5%). Our
price target equals our 1-year forward DCF valuation of $0.31
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