Buy NBCC, target Rs 240: Reliance Securities
The company expects PMC margins to improve from FY17E on account for economies of scale and expects top-line / bottom-line CAGR of 30 per cent, and 25 per cent respectively
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| Updated: Reliance Securities maintains a buy rating on NBCC with a 12-month target price of Rs 240. NBCC's unique business model accredits its leadership in construction (PMC) space with an order backlog of over Rs 370 bn.
The company expects PMC margins to improve from FY17E on account for economies of scale and expects top-line / bottom-line CAGR of 30 per cent, and 25 per cent respectively over next five years.
At the Current Market Price, the stock is trading at 27.0 times FY17E EPS.
The company expects PMC margins to improve from FY17E on account for economies of scale and expects top-line / bottom-line CAGR of 30 per cent, and 25 per cent respectively over next five years.
At the Current Market Price, the stock is trading at 27.0 times FY17E EPS.
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