February 16, 2017 / 15:15 IST
ICICI Direct's research report on NCC The company has booked Rs 3050 crore from the MDO project which would flow in the consolidated orderbook pertaining to the expected revenues from first five years of the project. For the first year, 4 million tonne (MT) of coal supply is expected, which is expected to rise to 15 MT tonne in the next five years.
Outlook
We have rolled over our estimates to FY19E. We have maintained our BUY recommendation on the stock with a revised target price of Rs 100/share. We value NCC’s domestic construction business at Rs 121/share (7x FY19E EV/EBITDA), international construction business at Rs 4/share (8x FY19E PE) and the real estate business at Rs 11/share (0.5x P/BV).
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