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Buy PNC Infratech target of Rs 295: Prabhudas Lilladher

Prabhudas Lilladher is bullish on PNC Infratech has recommended buy rating on the stock with a target price of Rs 295 in its research report dated June 28, 2021.

June 30, 2021 / 04:27 PM IST
 
 
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Prabhudas Lilladher's research report on PNC Infratech


PNC Infratech (PNCL) reported decent set of numbers with revenues marginally below estimates, while EBITDAM coming in-line at 14.1%. Toll collection across portfolio grew 20% YoY in 4Q; PCOD received for 3 projects in May’21 and 2 more projects due to receive PCOD in FY22 would boost toll revenues. On the back of limited impact of Covid second wave on PNCL’s projects, uptick expected in execution levels with entire highways order book moving into execution (AD received in 6 new projects) and further AD expected for 2 water infra projects in 2-3 months, management guided ~20% revenue growth in FY22E (excluding the possible impact of Covid third wave) with EBITDAM to be ~13.5-14%.



Outlook


At CMP, the stock trades at a P/E of 12.5x/ 11.2x on FY22E/FY23E EPS and an EV of 7.1x/ 6.1x FY22E/FY23E EBITDA. Maintain ‘BUY’ rating with SoTP based TP of Rs295 (Same as earlier).

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first published: Jun 30, 2021 04:27 pm
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