Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Research

| More

Result Update: PNC Infratech Ltd - BUY - TP Rs.197 - Kotak

Posted On: 2018-11-19 14:04:10

PNC reported strong Q2FY19 results and was ahead of our estimates led by strong execution, but EBITDA margin was below our estimates.

Key Highlights

- PNC reported 108% yoy growth in standalone revenue driven by strong execution of its projects as it has received appointed date in most of the EPC projects and had moved well in terms of execution.

- EBITDA margin at 13.4% was lower than our estimates driven by increased employee expenses and other expenses due to mobilization of resources to the new projects site.

- PNC has robust order book of Rs 149 bn (including HAM projects & new EPC projects of Rs 87.5 bn) which is over 8x its FY18 revenue, gives strong revenue growth visibility for the next 3-4 years. Further, the company is targeting to add another Rs 30-40 bn of new orders in H2Y19 from new expressways.

- PNC has guided for over 50% yoy growth in FY19E and 35% yoy growth in FY20E revenue with EBITDA margins of 13.5-14% based on strong order book and execution timeline.

Valuation & outlook

- We have marginally revised our FY19E and FY20E estimates based on H1FY19 revenue and margins, revised capex guidance and increased debt. The EPC business (adjusted for Rs 30 per share value of BOT) is available at a PE of 13x and 10.7x based on FY19E and FY20E revised EPS of Rs 9.2 and Rs 11.1 per share, respectively.

- We maintain our Buy rating on the stock with revised SOTP based target price of Rs 197 (Vs Rs 219 earlier).

Shares of PNC Infratech Ltd was last trading in BSE at Rs.149 as compared to the previous close of Rs. 145.15. The total number of shares traded during the day was 5387 in over 135 trades.

The stock hit an intraday high of Rs. 153.9 and intraday low of 146. The net turnover during the day was Rs. 798593.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

ICRA maintains stable year end outlook for Oil and Gas Sector

Prepaid tariff hikes not adequate for sustainability of telecom sector

Telecom: Bharti and VIL announce intent to raise tariffs in December | inflection or another false positive? - Kotak

RBL Bank - Q2FY2020 - Result Update: Angel Broking

State Bank Of India Q2FY2020 - Result Update: Angel Broking

Shriram Transport Finance Company Ltd - Q2FY2020 Result Update: Angel Broking

ICICI Bank Q2FY2020 Result Update: Angel Broking

Subscribe to IRCTC IPO - Angel Broking

Indian automobile sector on cusp of a transformation - Acuité Ratings & Research

Mr. Romesh Tiwari, Head of Research, CapitalAim on the AGM of Reliance Industries Ltd

Oil India Ltd reports Q1 FY20 earnings

Axis bank Q1FY2020 - Result Update: Angel Broking

HDFC Bank Q1FY2020 - Result Update: Angel Broking

YES Bank Q1FY20: Angel Broking

Fitch Ratings: Relaxing Foreign-Ownership Laws will Benefit Indian Insurers

Maruti, Bajaj Auto, Hero MotoCorp stocks are good if someone has a vision for the long term : Epic Research

Yes Bank next support is around 50-60 odd levels: Mr. Mustafa Nadeem - Epic Research

Indian e-pharma market poised to touch US$2.7 billion by 2023: EY

Yes Bank trading 52 week low today, support is there at lower levels of 125 - 126 : Epic Research

Bharat Financial Inclusion Limited completes first Direct Assignment transaction of Rs. 1,107.41 crore in FY20

Strong operating performance and Name improves: Angel Broking

Polycab India surges higher: Angel Broking

TCS likely to outperform Infy in short-term: Angel Broking

Railway Vikas Nigam IPO Listing - Mr. Abhijeet Bajpai, Co-Founder, Avighna Trades

Polycab India Ltd: Angel Broking

Maruti to cut production to balance with demand: Angel Broking

BATA India Q3: Angel Broking

Result Update: Essel Propack Ltd - BUY - TP Rs.130 - Kotak

Result Update: Radico Khaitan Ltd - ACCUMULATE - TP Rs.460 - Kotak

Result Update: GHCL - ACCUMULATE - TP Rs.270 - Kotak

Initiating Coverage : JK Paper Limited - Buy - TP Rs.200 - Kotak

Result Update: Mirza International Ltd - BUY - TP Rs.104 - Kotak

Result Update: Asian Granito India Ltd - REDUCE - TP Rs.185 - Kotak

Result Update: Va Tech Wabag Ltd - BUY - TP Rs.378 - Kotak

Result Update: KNR Constructions Ltd - BUY - TP Rs.235 - Kotak

Result Update: Talbros Automotive Ltd - BUY - TP Rs.400 - Kotak

Result Update: Sterling Tools Ltd - ACCUMULATE - TP Rs.361 - Kotak

Result Update: Engineers India Ltd - BUY - TP Rs.155 - Kotak

Result Update: Century Plyboards Ltd - BUY - TP Rs.232 - Kotak

Result Update: Eveready Industries India Ltd - BUY - TP Rs.310 - Kotak

Result Update: The Phoenix Mills Ltd - BUY - TP Rs.707 - Kotak

Result Update - Voltamp Ltd - BUY - TP Rs.1320 - Kotak

Result Update: Berger Paints Ltd - SELL - TP Rs.280 - Kotak

Company Visit Note: Ratnamani Metals & Tubes Ltd - NOT RATED - Kotak

Result Update: Insecticides India Ltd - BUY - TP Rs.643 - Kotak

Result Update: Nagarjuna Construction Company Ltd - BUY - TP Rs.135 - Kotak

Result Update: Shankara Building Products Ltd - BUY - TP Rs.1537 - Kotak

Result Update: Dollar Industries Ltd (DIL) - BUY - TP Rs.390 - Kotak

Result Update: Greenply Industries Ltd - ACCUMULATE - TP Rs.161 - Kotak

Result Update: Central Depository Services (India) Ltd - BUY - TP Rs.290 - Kotak







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019