Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
NCC bags orders worth `629cr
Nagarjuna Construction Company (NCC) has bagged orders aggregating to `629cr in
various segments. The first order worth `399cr is from the Water Resources Division
Raigarh, Chhattisgarh, for the construction of Saradih Barrage with vertical lift gates. The
second order worth `159cr from Maharashtra State Electricity Distribution Co. Ltd.
(MSEDCL), Mumbai, involves turnkey contracts for Single Phasing Scheme. The last order
valued at `71cr is secured from the Bharat Coking Coal Ltd., Dhanbad, for removal of
over burden, extraction and transportation of coal. Construction period for these orders is
12-24 months. With these orders, the company’s outstanding order book stands at
~`17,000cr (3.4x FY2011 revenue), which provides good revenue visibility.
We have valued NCC on an SOTP basis with a target price of `82/share by assigning 8x
FY2013E earnings (standalone). The company’s real estate venture has been valued on
P/B basis and its BOT assets have been valued on DCF basis. Our target price implies an
upside of ~33.2% from current levels. Hence, we maintain our Buy view on the stock with
a target price of `82.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
NCC bags orders worth `629cr
Nagarjuna Construction Company (NCC) has bagged orders aggregating to `629cr in
various segments. The first order worth `399cr is from the Water Resources Division
Raigarh, Chhattisgarh, for the construction of Saradih Barrage with vertical lift gates. The
second order worth `159cr from Maharashtra State Electricity Distribution Co. Ltd.
(MSEDCL), Mumbai, involves turnkey contracts for Single Phasing Scheme. The last order
valued at `71cr is secured from the Bharat Coking Coal Ltd., Dhanbad, for removal of
over burden, extraction and transportation of coal. Construction period for these orders is
12-24 months. With these orders, the company’s outstanding order book stands at
~`17,000cr (3.4x FY2011 revenue), which provides good revenue visibility.
We have valued NCC on an SOTP basis with a target price of `82/share by assigning 8x
FY2013E earnings (standalone). The company’s real estate venture has been valued on
P/B basis and its BOT assets have been valued on DCF basis. Our target price implies an
upside of ~33.2% from current levels. Hence, we maintain our Buy view on the stock with
a target price of `82.
No comments:
Post a Comment