Firstcall Research is bullish on JMC Projects (India) and has recommended buy rating on the stock with a target of Rs 181 in its September 12, 2014 research report.
Firstcall Research report on JMC Projects (India)
“JMC Projects (India) Ltd was founded in 1982, is one of the leading Civil contracting company, engaged in undertaking civil and structural works for commercial and residential buildings, industrial, and infrastructure and power plant projects in India. The company’s building projects comprise commercial complexes, institutional buildings, information technology parks, hospitals and healthcare centers, research and development centers, hotels and hostels, and housing projects. Its infrastructure projects portfolio includes roads/highways, bridges/flyovers/underpasses, transportation structures, pipelines, sports complexes, and urban development projects. It also constructs power facilities. JMC Projects (India) Ltd. offers construction services to various industries, including agrochemical, automobile, chemical/petrochemical/paint, electronics/consumer goods, engineering/cement, pharmaceutical, sugar/food products, and textile industries. JMC Projects (India) Ltd. is a subsidiary of Kalpataru Power Transmission Ltd.”
“At the current market price of Rs. 160.00, the stock P/E ratio is at 16.04 x FY15E and 13.17 x FY16E respectively. Earnings per share (EPS) of the company for the earnings for FY15E and FY16E are seen at Rs. 9.98 and Rs. 12.15 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 6% and 20% over 2013 to 2016E respectively. On the basis of EV/EBITDA, the stock trades at 4.82 x for FY15E and 4.47 x for FY16E. Price to Book Value of the stock is expected to be at 0.87 x and 0.81 x respectively for FY15E and FY16E. We recommend ‘BUY’ in this particular scrip with a target price of Rs. 181.00 for Medium to Long term investment,” says Firstcall Research report.
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