NCC - Beneficiary Of Capex Upcycle: IDBI Capital Initiates Coverage

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .IDBI Capital Report.NCC Ltd., has pedigree of executing infrastructure project and has seen multiple capex cycle in India. We expect upcycle in its order inflow in FY23E to continue given continued push for infra spend by the government (exh 34-37).Commodities have weekend off-late and this could upkeep its Ebitda margins in FY24E. Balance sheet largely has working capital debt and NDER at 0.2 times could support execution of its order book of Rs 419 billion (three times FY23E revenue). Stock trades at 7x FY25E earnings per share and we estimate EPS growth of 22% YoY / 26% YoY in FY24E / FY25E. NCC price-to-earnings valuation at 30% discount to it’s infra peers (exh 25) could narrow on improved execution. Risk is slow-down in government capital outlay..Click on the attachment to read the full report:.Brigade Enterprises - Promising Outlook, Better Results Across The Board: Geojit Initiates Coverage.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

NCC - Beneficiary Of Capex Upcycle: IDBI Capital Initiates Coverage

NCC has proved its execution prowess and has a strong clientele base in public and private sector.

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