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.
ICICI Securities Report
Container Corporation of India's (CONCOR) Q4FY23 performance missed consensus estimates. Key points: 1) EBITDA margin declined further sequentially to 20.5% in Q4FY23 (vs 21.4% in Q3FY23); 2) EBITDA/teu rose slightly owing to better profitability of the domestic segment; 3) on origination basis, EXIM volumes fell 9.3% YoY while domestic volumes rose 9.5% YoY; 4) capex of Rs4.9bn was incurred in FY22 mainly for procuring rolling stock and opening new terminals; 5) Board has recommended the final dividend of Rs2/share, taking the FY23 dividend to Rs11/share.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Going ahead, management expects headwinds to persist in the (profitable) EXIM segment. That said, it expressed confidence that CONCOR would strive to recoup its lost market share and maintain EBITDA margin at FY23 levels. We estimate volume growth of 10% p.a. (FY23: 7.1% YoY) and EBITDA margin improvement to 21-22% (Q4FY23: 20.5%). We introduce FY25E numbers at this stage and roll over to FY25E EPS. We value the stock at 24x (corresponding to 1-SD above mean) FY25E EPS (earlier 26x). Our downward revision of multiple is due to headwinds persisting in EXIM. Our revised target price works out to Rs590 (earlier: Rs575) on 24x FY25E EPS. We upgrade the stock to REDUCE (from Sell) as we expect further downside to be limited owing to possible improvement in margins.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
DISCLAIMER
This 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.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
