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Buy Nesco; target of Rs 650: ICICI Direct

ICICI Direct is bullish on Nesco has recommended buy rating on the stock with a target price of Rs 650 in its research report dated August 07, 2019.

August 08, 2019 / 02:50 PM IST
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ICICI Direct's research report on Nesco

Nesco reported a steady set of numbers in Q1FY20. On the operational front, Nesco IT Park Tower 4 has been completed while license agreements with reputed clients viz. WeWorks, KPMG etc, have been finalised. This tower could generate gross revenues to the tune of Rs 200 crore once fully leased. Going ahead, Nesco is considering taking up two new projects - New Hall in BEC (~2.5 lsf) and New IT Park tower 2 (~24 lsf) at total capex of ~Rs 1,700 crore and are proposed to be financed from internal accruals.


At the CMP, Nesco is trading at 21x FY19 EPS. We like Nesco, given the prudent management pedigree, steady & planned expansion across verticals funded largely through internal accruals and niche profitable business model. Hence, we maintain BUY on the stock with a TP of Rs 650/share.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Aug 8, 2019 02:50 pm

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