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Nirmal Bang Report
The brokerage firm Nirmal Bang has maintained its nine times FY28E EV/Ebitda valuation multiple on Nuvoco Vistas Corporation Ltd. with a revised target price of Rs 451 from Rs 415, implying a 20% upside, while reiterating its Buy recommendation.
At current market price, the stock is trading at seven times FY28E EV/Ebitda, which is a 39% discount to its four year average EV/Ebitda of 11x.
Also, it is trading at $46 FY28E EV/tonne — a 42% discount to its four-year average EV/tn of $80.
Nirmal Bang believes, at current levels, the stock offers an attractive entry point. Its estimates remain unchanged; and the brokerage factors in revenue/Ebitda/adj. PAT at 10%/9%/21% CAGR over FY26-FY28E led by higher volumes, stable pricing in its key market, and cost savings.
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