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NBCC (India) Ltd - Result Update - SELL - TP Rs.250 - Kotak

Posted On: 2017-11-29 21:50:22

NBCC Q2FY18 results were below our estimates on weak execution across segments as its large size projects were at initial stage. The standalone net revenue for the quarter declined by 9.3% yoy to Rs 11 bn on below expected revenue across all segments. PMC segment which contributes the largest pie, reported 2.8% yoy decline as against our estimates of 15% growth. EBITDA for the quarter was Rs 843 mn, grew by 17% yoy with EBITDA margin grew by 160 bps yoy to 7.4% and was ahead of our estimates of 5.4%. The company has received good response in Nauroji Nagar has sold ~Rs 20 bn of properties. This would result in pick up in execution in PMC redevelopment segment. The company expects strong revenue growth in FY19 as most of the redevelopment projects would contribute meaningfully in the year. NBCC has a robust total order book of Rs 750 bn which gives strong revenue growth visibility for the next 5 years. The management has maintained its guidance of over 30% growth in a longer run. We have revised our earnings estimates for FY18 and FY19 factoring in weak execution in H1FY18. After recent run-up, the stock is presently trading at PE of 40x based on FY19E EPS of Rs 6.6 and hence available at a premium valuation. We maintain Sell on the stock with revised target price of Rs 250 (vs 197 earlier). Our revised target price factors in new opportunity in redevelopment space.

Shares of NBCC (India) Ltd was last trading in BSE at Rs.264.85 as compared to the previous close of Rs. 262.9. The total number of shares traded during the day was 587550 in over 2950 trades.

The stock hit an intraday high of Rs. 271.6 and intraday low of 262.7. The net turnover during the day was Rs. 156685417.

Source: Equity Bulls

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