Institutional Equities - Online Share Trading

Institutional Equities
Exhibit 15: Comparable valuation
Construction Company HCC IVRCL
Infrastructure developers
Sadbhav
Engineering*
NCC*
Patel
Engineering*
Simplex
Infra*
Stock price (Rs) 29 38 133 66 97 230
Market cap (Rsbn) 17.4 10 19.9 16.8 6.7 11.3
Market cap ($ bn) 0.38 0.2 0.42 0.35 0.14 0.24
Revenue
FY12E (Rsbn) 47.4 63.7 27.6 57.1 29.9 54.3
FY13E 55.3 75.0 32.0 66.4 66.4 62.0
EPS (Rs/stock)
FY12E 0.8 5.1 9.6 5.8 14.4 24.3
FY13E 1.5 6.7 11 7.1 14.9 30.5
Book Value (Rs/stock)
FY12E 25.1 76.8 52.2 97.2 216.3 246.3
FY13E 26.8 82.8 61.8 103.3 211.0 275.2
P/E (x)
FY12E 34.2 7.3 13.9 11.3 6.7 9.5
FY13E 19.4 5.6 12.1 9.4 6.5 7.6
P/BV (x)
FY12E 1.1 0.5 2.6 0.7 0.4 0.9
FY13E 1.0 0.4 2.2 0.6 0.5 0.8
EV/EBITDA (x)
FY12E 9.2 5.7 8.0 7.3 6.7 5.2
FY13E 8.8 5 6.8 6.3 6.5 4.5
RoE (%)
FY12E 3.6 6.6 20.8 6.3 6.3 10.4
FY13E 5.7 8.1 20.1 7.1 5.9 11.8
Infrastructure Developers GMR Infra IRB Infra Reliance Infra L&T GVK Power JP Associates
Stock price (Rs) 28 163 434 1,451 16.6 67
Market cap (Rs bn) 110.4 54.1 116.5 886.9 26.2 143.0
Market cap ($ bn) 2.2 1.1 2.3 18.8 0.55 3.0
Revenue
FY12E (Rsbn) 71.1 31.9 186.1 633 22 146
FY13E 105.3 45.9 221.9 752.1 27.6 168.2
EPS (Rs/stock)
FY12E 0.2 14.0 60.7 83.1 1.3 4.3
FY13E 1.2 18.0 72.8 98.5 1.6 5.6
Book Value (Rs/stock)
FY12E 24.7 87.2 925.0 436.3 25.5 50.8
FY13E 26.0 105.1 989.4 505.9 27.4 54.5
P/E (x)
FY12E 144 11.7 7.1 17.4 13.0 15.8
FY13E 24.4 9.1 5.9 14.0 10.5 12.1
P/B V (x)
FY12E 1.2 1.9 0.5 3.3 0.7 1.3
FY13E 1.2 1.6 0.4 2.9 0.6 1.2
EV/EBITDA (x)
FY12E 15.6 4.0 5.5 12.2 10.9 9.3
FY13E 9.5 3.2 4.5 10.4 7.2 12.1
RoE (%)
FY12E 1.0 16.0 6.5 19.6 5.0 8.7
FY13E 5.9 17.1 7.3 19.8 5.9 10.4
Note: *Bloomberg consensus
Source: Company, Nirmal Bang Institutional Equities Research
8 Infrastructure Sector