191.85 4.45 (2.37%)
NSEJan 27, 2021 03:53 PM
The 26 reports from 9 analysts offering long term price targets for PNC Infratech Ltd. have an average target of 236.22. The consensus estimate represents an upside of 23.13% from the last price of 191.85.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-11-04||PNC Infratech Ltd. +||HDFC Securities||169.55||290.00||169.55 (13.15%)||51.16||Buy|
Ramco Cements: The Ramco Cements (TRCL) reported a landmark 2QFY21 performance. While standalone net sales fell 5% YoY to Rs 12.57bn on lower volumes, solid pricing in the south, brand premiumisation and proficient cost controls buoyed standalone EBITDA/APAT by 50/40% YoY to Rs 4.42/2.36bn respectively. Its 1HFY21 OCF soared >5x on solid profit rise and working capital release. Ongoing expansions should accelerate its volume growth FY22E-onwards. We also expect its stellar margin to sustain on brand premiumisation and rising cost controls. We maintain ADD with a revised target price of Rs 871/share (12x its Sep'22E standalone EBITDA). PNC Infratech: PNC Infratech (PNC) delivered an in-line 2QFY21 financial performance. Management commentary was upbeat on (1) FY21E order inflows pegged at Rs 100bn, (2) revenue guidance upped from 10% YoY de-growth to flattish trend, (3) NWC improvement for 2HFY21, (4) closure of BOT/HAM asset monetisation by Mar-21, and (5) growth backed by low peak debt levels of Rs 4.5bn. Valuations are supports at core EPC FY22/23E EPS of 5.4/4.7x. We maintain BUY on PNC, with an unchanged target price of Rs 290/sh, given a strong order book and net cash balance sheet. Key risks: (1) slowdown in NHAI ordering and (2) delay in the monetisation of HAM projects. Successful diversification, away from the roads sector, could lead to the expansion of multiple. Sun Pharma: Recovery in specialty business (USD 108mn, +38% QoQ) along with improved gross margin and lower other expenses helped Sun deliver a 14%/26% beat on EBITDA/ net income. Management commentary was optimistic on Ilumya and...
|2020-11-04||PNC Infratech Ltd. +||ICICI Securities Limited||169.55||210.00||169.55 (13.15%)||9.46||Buy|
ICICI Securities Limited
PNC remains our preferred pick in the EPC space given its robust order book, healthy return ratios and lean balance sheet. Notwithstanding its asset monetisation plan fructification, sufficient internal accruals from current order book is enough for equity infusion. We maintain our BUY rating with a revised SoTP target price of | 210/share. We value its construction...
|2020-11-04||PNC Infratech Ltd. +||Nirmal Bang Institutional||169.55||257.00||169.55 (13.15%)||33.96||Buy|
Nirmal Bang Institutional
PNC Infratech (PNC) has reported in-line numbers for 2QFY21 with a marginal decline in revenue and positive PAT growth. The company has reported 18% Yoy decline in 1HFY21 revenue but execution is likely to pick up substantially in 2HFY21 as labour availability has improved and new orders have been received. For the quarter, revenue (adjusted for arbitration claims received last year) declined by 1.6% YoY to Rs10.5bn primarily due to lockdowns and excess monsoon rainfall. EBITDA declined by 3.8% YoY to Rs1.4bn and EBITDA margin declined by 31bps YoY to 13.5%. Adj. PAT increased by 11.9% YoY to Rs693mn due to higher other income and lower finance costs. Net working capital days marginally increased from 84 days in 1QFY21 to 85 days in 2QFY21...
|2020-11-03||PNC Infratech Ltd. +||Dolat Capital||164.60||289.00||164.60 (16.56%)||50.64||Buy|
We expect healthy revenue/ APAT CAGR of 13.9%/ 16.8% over FY2023E. Moreover, revenue/ APAT growth slows down to 1.2%/ -8.1% in FY21E due to lockdown impact and jumps back to revenue/ APAT growth of 22.4%/ 38.7% in FY22E driven by stabilization of labour and supply chain issues coupled with execution from 4 HAM/ 2 EPC/ 1 Irrigation project where AD is expected between Dec'20/ Jan'21 and 1 water supply project in Q3FY21E. The current core construction valuations of 10.5x/ 7.6x FY21E/ FY22E EPS are attractive. Thus, we...
|2020-09-09||PNC Infratech Ltd. +||Dolat Capital||155.05||271.00||155.05 (23.73%)||41.26||Buy|
As the impact of the virus subsides and activities slowly resume towards normalcy, strong order flow under the aegis of the National Infrastructure Pipeline, focus on infrastructure, and lower execution impediments should help in revival of the sector. The infrastructure industry is likely to normalize by Q3FY21, subject to the containment of the spread. Due to the COVID-19 led disruption, revenue impact for the infrastructure sector for FY21 is estimated at 15-20%, with H1FY21 revenue being severely impacted. The order inflow which impacted in H1FY21, is expected to pace...
|2020-08-31||PNC Infratech Ltd. +||HDFC Securities||169.65||234.00||169.65 (13.09%)||21.97||Buy|
Key risks: (1) slowdown in NHAI ordering and (2) delay in the monetisation of HAM projects. Successful diversification, away from the roads sector, could lead to expansion of multiple. PNC Infratech: PNC Infratech (PNC) reported revenue at Rs 9bn (26% beat), decline of 32%/22% YoY/QoQ. Although, EBITDA fell 33%/23% YoY/QoQ, EBITDA margin remained intact (-36/-27 bps YoY/QoQ), leading to APAT of Rs 601mn (-40%/-21% YoY/QoQ), ~3x our estimate. Labour availability has improved to 90%, and operations have resumed on all sites. Including the five HAM orders and two EPC projects won recently, executable order book stands at Rs 155bn (~3x FY20 revenue). NWC increased sharply to 84 days from 57 days on Mar-20 on lower revenue base. Nevertheless, PNC maintained net cash at the standalone level, with cash balance of Rs 6.7bn. We maintain BUY on PNC, with an unchanged target price of Rs 234/sh, given strong order book and net cash balance sheet.
|2020-08-31||PNC Infratech Ltd. +||Prabhudas Lilladhar||162.50||219.00||162.50 (18.06%)||14.15||Buy|
Discussions with prospective investors for stake sale in Gaziabad-Aligarh expressway reached advanced stage, expect to sign deal in next 2 months. PNC Infratech (PNCL) posted strong performance beating our and street estimates on all fronts despite impact of Covid-19 pandemic. Execution came...
|2020-08-31||PNC Infratech Ltd. +||ICICI Securities Limited||169.65||200.00||169.65 (13.09%)||4.25||Buy|
ICICI Securities Limited
PNC remains our preferred pick in the EPC space given its robust order book, comfortable working capital cycle, healthy return ratios and lean balance sheet. Notwithstanding near term hiccups on account of Covid-19, PNC is likely to tide over with resilient fundamentals. While monetisation of HAM assets could be delayed in near term, we do not see it as a major issue with sufficient internal accruals from current order book enough for equity infusion. Hence, we maintain our BUY rating on the stock with a revised SoTP target price of | 200/share. We value its construction business at...
|2020-08-31||PNC Infratech Ltd. +||Nirmal Bang Institutional||169.65||241.00||169.65 (13.09%)||25.62||Buy|
Nirmal Bang Institutional
Execution remains strong; Outlook better on new HAM PNC Infratech (PNC) has reported good set of numbers for 1QFY21 despite multiple headwinds such as national and regional lockdowns, supply chain disruptions, labor migrations and early onset of monsoon. Revenue for the quarter declined by 31.5% YoY to Rs90.5bn; EBITDA declined by 33.3% YoY to Rs1.2bn and EBITDA margin declined by 35bps YoY to 13.2%. Adj. PAT declined by 40% YoY to Rs601mn as higher other income and lower tax expenses were offset by higher finance costs. Net working capital days increased from 57 days in 4QFY20 to 84 days in 1QFY21 primarily due to the slight delay in payments from the Purvanchal project, which led to an increase...
|2020-08-31||PNC Infratech Ltd. +||Arihant Capital||169.65||205.00||169.65 (13.09%)||6.85||Buy|
returning execution efficiency are some levers making a case for PNC to set sailing again on the growth trajectory, sooner than later. Even with the stretched working capital (due to the pandemic disruption and seasonality), the balance sheet is still in shape to help execution efficiency return at the earliest, and take care of a large part of equity required for the hybrid annuity portfolio. Standalone operations hold potential to generate positive CF, and look good to suffice for the balance needed. With no change in long-term fundamentals, and...
|2020-08-31||PNC Infratech Ltd. +||Geojit BNP Paribas||162.50||199.00||162.50 (18.06%)||3.73||Buy|
Geojit BNP Paribas
Q1FY21 revenue declined by 32% YoY as execution was impacted due to lockdown and labour availability. EBITDA margins declined by 35bps to 13.5% due to fixed overhead expenses while other expenses declined by 38% YoY. Executable order book stood healthy at Rs15,525cr which is 3.2x FY20 revenue, provides revenue visibility....
|2020-08-29||PNC Infratech Ltd. +||Dolat Capital||169.65||271.00||169.65 (13.09%)||41.26||Buy|
We expect healthy revenue/ APAT CAGR of 9.1%/ 9.6% over FY20-22E. Moreover, revenue/ APAT growth significantly slows down to 0.1%/ 9.8% in FY21E due to lockdown impact and jumps back to revenue/ APAT growth of 19.0%/ 33.3% in FY22E driven by stabilization of labour and supply chain issues coupled with execution from 4 HAM/ 2 EPC projects where AD is expected in Jan'21/ Oct'20. Though the stock has increased ~20% since our Q4FY20 result update released on 27 Jun'20, the current core construction valuations of 10.8x/ 8.1x FY21E/ FY22E EPS are attractive. Thus, we maintain Buy, with SOTP of Rs271 (12x...
|2020-08-29||PNC Infratech Ltd. +||Yes Securities||169.65||212.00||169.65 (13.09%)||10.50||Buy|
|2020-07-02||PNC Infratech Ltd. +||Geojit BNP Paribas||156.05||182.00||156.05 (22.94%)||Target met||Buy|
Geojit BNP Paribas
Order book stood healthy at Rs15,629cr (incl. L1 ~Rs7,000cr) which is 3.2x FY20 revenue, provides revenue visibility. Adj. PAT growth was moderate at 3% YoY to Rs76cr due to increase in depreciation and interest costs. Due to near term hindrance on execution we reduce revenue estimate for FY21E/FY22E by 24%/14% respectively. We expect a rebound in earnings from H2FY21 supported by healthy order book. We value standalone EPC business at a P/E of...
|2020-06-29||PNC Infratech Ltd. +||Nirmal Bang Institutional||142.05||236.00||142.05 (35.06%)||23.01||Buy|
Nirmal Bang Institutional
NBIE Values your patronage- Vote for The Tam in the Asia Money poll 2020. Click Here Further improvement in cashflows PNC Infratech (PNC) has reported good set of numbers for 4QFY20 with EBITDA and PAT higher by 5% and 6%, respectively compared to consensus estimates. However, the bigger surprise was on the cash flow front as higher operating cash flows, lower capex and reduced working capital requirement resulted in higher cash inflows compared to our expectations. Net cash position as on FY20 improved to Rs4.18bn and working capital days reduced to 57 days from 91 days in FY19....
|2020-06-28||PNC Infratech Ltd. +||ICICI Securities Limited||139.25||175.00||139.25 (37.77%)||Target met||Buy|
ICICI Securities Limited
PNC remains our preferred pick in the EPC space given its robust order book, comfortable working capital cycle, healthy return ratios and lean balance sheet. Notwithstanding near term hiccups on account of Covid-19, PNC is likely to tide over with resilient fundamentals. While monetisation of BOT/HAM assets could be delayed in near term, we do not see it as a major issue with sufficient internal accruals from current order book enough for equity infusion. Hence, we maintain our BUY rating on the stock with a revised SoTP target price of | 175/share. We value its construction business...
|2020-06-28||PNC Infratech Ltd. +||Yes Securities||143.15||201.00||143.15 (34.02%)||4.77||Buy|
PNC Infratech (PNC) reported decent set of numbers during Q4 FY20withstandalonerevenuegrowing7.6%yoydespiteCOVID19 relatedshutdownimpacting10daysofexecutionduringMar'20.Its operating margin remained strong at 13.5% (down 55 bps yoy)....
|2020-06-27||PNC Infratech Ltd. +||HDFC Securities||139.25||234.00||139.25 (37.77%)||21.97||Buy|
We have increased our FY21/22E standalone EPS by 3.9/4.3% and maintain BUY on PNC with a TP of Rs 234/sh (12x FY22E EPS, Rs 59/share for BOT/HAMs). Whilst PNC reported 4QFY20 Rev/EBIDTA/APAT miss of 8.1/10.3/3.8% respectively, gains on Balance sheet was commendable. NWC reduced from 97days in FY19 to 60days during FY20 on back of robust collections. PNC reported net cash of Rs 4.1bn. Despite challenging FY20, PNC backed new orders worth Rs 52bn taking the order backlog to Rs 135bn (2.8x FY20 Rev). Labour activity/Execution levels have recovered to 70-80% across sites and toll collection has reached 90% of pre COVID levels. PNC remains well placed to gain from UP State Infrastructure build out and strong banking lines and balance sheet augurs well for growth recovery over FY21-22E.
|2020-06-26||PNC Infratech Ltd. +||Dolat Capital||139.25||233.00||139.25 (37.77%)||21.45||Buy|
We broadly maintain our revenue and EBITDA margin estimates for FY21E/ FY22E. However, we increase our FY22E APAT estimates due to lower tax as company will adopt the new tax rate from FY22E. We expect healthy revenue/ APAT CAGR of 9.1%/ 8.1% over FY20-22E. Moreover, revenue/ APAT growth significantly slows down to 2.3%/ 10.3% in FY21E due to lockdown impact and jumps back to revenue/ APAT growth of 16.4%/ 30.2% in FY22E driven by stabilization of labour and supply chain issues coupled with execution from 4 HAM projects where AD is expected in Q3FY21E. The current core construction...
|2020-05-27||PNC Infratech Ltd. +||Nirmal Bang Institutional||102.15||210.00||102.15 (87.81%)||9.46||Buy|
Nirmal Bang Institutional
the government as well as NHAI, we were already expecting weak awarding scenario this year. Because of the ongoing COVID pandemic and the lockdown, we expected awarding activity to come down further. However, after the call with NHAI official, we believe that awarding activity may not decline substantially this year given the focus of the government to meet its capex targets. Please find below key takeaways from the call. Construction and awarding activities could possibly be higher than FY20: During FY20, 4,000kms of construction and 3,200kms of awarding has happened. The target for FY21 is to award and construct 6,000kms of road projects. The set target is too steep given the challenges faced by the authority. However, 4,000 kms of...