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Ashoka Buildcon Ltd Research Report - 16th Dec 2015

Infrastructure | Published on Dec 16th 2011


Ashoka Buildcon (ABL), traditionally a state player, has transformed into a national player by winning four NHAI projects totaling to a TPC of ~Rs5,156cr. However, this transition has come at a cost, as it entails premium commitments to NHAI (~Rs220cr per year, albeit covered by toll collections during the construction period) and huge equity contributions from ABLs side, which we believe would stretch its leverage (consolidated net D/E is expected to rise from 1.4x in FY2011 to 3.0x by FY2013E). We have valued ABL on an SOTP basis – by assigning 5.0x EV/EBITDA to its standalone business (Rs87/share) and valued its BOT projects on NPV basis (Rs158/share). We initiate coverage with a Buy rating on the stock and a SOTP target price of Rs245/share and key catalyst being raising equity from capital markets.

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CMP 189
Target Price 245
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)3,120.71
MCAP NSE (Rs in Cr)3,116.03
P/E (x)20.74
EPS (Rs.)8.04
BV (Rs.)89.76
Div Yield (%)0.90
FV (Rs.)5.00
P/BV (x)1.86
EV/Sales (x)5.74
EV/EBITDA (x)22.47

Shareholding Pattern (%)

Public & Others7.0
Grand Total100.0

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