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Result Update: PNC Infratech Ltd - BUY - TP Rs.208 - Kotak

Posted On: 2018-02-17 09:55:50

PNC Infratech has reported improved Q3FY18 results on qoq but it was marginally below our estimates. The standalone net sales (EPC Business) for the quarter grew by 2% yoy to Rs 4.7 bn as new projects came in for execution. The company expects pick up in execution based on execution timeline and receipt of appointed date in most of the projects. The company has robust total order book of ~Rs 101 bn (including HAM projects) which is over ~5.6x its FY18E revenue and gives strong revenue growth visibility for the next 3 years. Based on approval and execution timeline, we expect Q4FY18 to remain strong and expect revenue to grow at 45% in FY19E and 33% in FY20E. The management has guided for 10% revenue growth in FY18E and over 40-50% yoy growth in FY19E with over 13-14% EBITDA margins to sustain in the longer run. Further, the company has strong pipeline of projects in road space which will support its future order book. The company is expecting Rs 40-50 bn of new projects in Q4FY18 and Rs 80-100 bn in FY19E. We have marginally revised our FY18E and FY19E earnings assuming some shift in revenue from FY18E to FY19E along with better margins and introduce FY20E estimates. We upgrade our rating on the stock to Buy (vs Accumulate) with revised target price of Rs 208 (Vs Rs 198), as we roll forward our valuation multiples to FY20E.

Shares of PNC Infratech Ltd was last trading in BSE at Rs.169.75 as compared to the previous close of Rs. 172.75. The total number of shares traded during the day was 21543 in over 408 trades.

The stock hit an intraday high of Rs. 177 and intraday low of 168. The net turnover during the day was Rs. 3702811.

Source: Equity Bulls

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