NBCC Ltd

NBCC Ltd
Realty
FV – Rs 1; 52wks H/L –72.4/28.5; TTQ – 6.83 Lacs; CMP – Rs 37 (As On September 9th, 2019);                            

      Market Cap – Rs 6615 Crs

Consolidated Financials and Valuations for FY19 (Amt in Rs Crs unless specified)


Equity Capital
Net worth		 Long Term Debt
Total
Sales		 PAT
BV
(Rs)
EPS (Rs)
P/E
Industry P/E
P/BV
Promoter’s
Stake		 Beta
180 1508 – 10151 392 8 2.2 16.8 20.4 0.9 68.18 1.4

*On June 2, 2016 there was a stock split from Rs.10 to Rs.2 per share.

*On April 25, 2018 there was a stock split from Rs.2 to Rs.1 per share.

 

Standalone Financials and Valuations for Q1 FY20


Equity Capital
Net worth
Total
Sales		 PAT
BV
(Rs)
TTM EPS (Rs)
P/E
Industry P/E
P/BV
Promoter’s
Stake		 Beta
180 1560 1942 51 9 1.1 33.6 20.4 4.1 68.18 1.4

 

Valuation Parameters:

  1. Long Term Debt to Equity – NIL
  2. ROE % – 26
  3. Market Cap/Sales – 0.7

Totally Debt Free and Cash Rich company.

Key Updates:

  • 8500 crs Amrapali project has been given to NBCC by supreme court which will take four to five years for completion.
  • NBCC has Rs. 800 crore completed real estate inventory, which it hopes to liquidate soon. Additionally, it has Rs.800 crore worth real estate projects under development.
  • NBCC’s consolidated order book (OB) at Rs.85,000 crore ( Rs.68,000 crore is standalone OB) as of Q1FY20. Out of this, orders worth Rs.35,000 crore are currently under execution.

Overview:

  • NBCC (India) Ltd, formerly National Buildings Construction Corporation Ltd., provides civil engineering construction services.
  • The Company operates through three segments: Project Management Consultancy (PMC), Real Estate Development, and Engineering, Procurement and Construction (EPC).
  • The PMC segment offers management and consultancy services for civil construction projects, including residential and commercial complexes, re-development of government colonies, education and medical institutions, infrastructure project roads, water supply systems, storm water systems and water storage solutions.
  • The Real Estate Development segment focuses on residential and commercial projects, such as corporate office buildings and commercial complexes.
  • The EPC Contracting segment covers chimneys, cooling towers, roads, border fencing, water and sewage treatment plants, and solid waste management systems. The Company provides services from concept to commissioning.
  • The company has six wholly owned subsidiaries.

 

      Management:

  • Shri. Shiv Das Meena – CMD

 

Price Snapshot since IPO:

Year Open (Rs.) High     (Rs.) Low      (Rs.) Close (Rs.)
2012 100 174.9 78.85 166.55
2013 167.35 194.6 96 151.7
2014 151.25 922.8 134.15 817.1
2015 820 1214.5 682.6 990.8
2016 996.8 1027 176.5 239.1
2017 242.85 296.7 161.1 246.75
2018 246.65 257.45 46.55 57.7
2019 57.5 68.35 28.55 35.85

On June 2, 2016 there was a stock split from Rs.10 to Rs.2 per share.

On April 25, 2018 there was a stock split from Rs.2 to Rs.1 per share.

 

Consolidated Financial Trends (In Rs. Crs) :

Particulars FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11
Equity Paid Up 180 180 180 120 120 120 120 120 90
Networth 1508 2066 1694 1505 1338 1141 951 795 654
Total Debt _ _ _ _ _ _ _ _ _
Net Sales 10151 8610 6400 5967 4821 4204 3347 3582 3231
Other Income 208 163 88 129 147 106 149 135 85
PAT 392 396 355 311.13 278.28 257.45 207.5 190.17 140.31
Book Value (Rs) 8 11 9 25 22 19 16 13 15
EPS (Rs) 2.2 2.2 3.94 5.19 4.64 4.29 3.46 3.17 3.12

 

 PAT de-grew mainly on account of lower topline growth.

Peer Comps:

Particulars NBCC LT Simplex Inf JP Associates
CMP 37.15 1,359.40 45 2.4
Face Value 1 2 2 2
52 W H/L 72.40/28.55 1,606.70/1,183.40 405.75/44.05 11.35/1.95
Sales 10151 86988 6041 6833
PAT 392 6678 123 -774
Equity 180 280.55 11.47 486.49
NPM % 5.3 7.68 2.03 -11.32
EPS 2.2 47.63 22.01 -3.18
PE 16.9 28.5 2.0 NA