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Buy Nagarjuna Construction, tgt Rs 260: Angel
Angel Broking has maintained its buy rating on Nagarjuna Construction Co with a target price of Rs 260. Nagarjuna Constructions (NCC) reported 44.5% yoy growth in topline to Rs 1,254 crore (Rs 868 crore) for 4QFY2008 which was above research firm's estimates of Rs 1,123 crore.
Angel Broking has maintained its buy rating on Nagarjuna Construction Co with a target price of Rs 260 in its May 30, 2008 research report. "Nagarjuna Constructions (NCC) reported 44.5% yoy growth in topline to Rs 1,254 crore (Rs 868 crore) for 4QFY2008 which was above our estimates of Rs 1,123 crore. NCCs net profit growth was significantly lower at 5.4% yoy at Rs 52.6 crore (Rs 49.9 crore) and net profit margin was at 4.2% (5.7%)."
"At the CMP, the stock trades at 17.9x FY2009E and 12.5x FY2010E Earnings. However, adjusting for the value of the BOT projects (Rs 18.7 per share) and Real Estate (Rs 20.6 per share), the stock is trading at 14.3x FY2009E and 10.1x FY2010E Earnings. We maintain a Buy on the stock with a target price of Rs 260," says Angel's research report.
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