NMDC Ltd - Q3 FY11 Result Update: Unicon Investment Solutions |
| February 10, 2011 | February 2011 Bond Updates |
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At CMP the stock is trading at PE multiple of FY12E 12x and EV/EBITDA of 8x which is quite attractive compared to its peers. Considering the strong
demand for iron ore and robust expansion plan of the company, we maintain our buy rating on the stock with a target price of INR 350. (1888PressRelease) NMDC Ltd - Q3 FY11 Result Update • NMDC registered a strong top-line growth of 65% to INR 26.2 bn in Q3FY11 (22% above our estimate of INR 23,890 mn) supported by increased mining coupled with better realisation of iron ore prices. On QoQ basis, topline increased marginally by 6.6%. • EBITDA increased 87% YoY to INR 20,159 mn. EBITDA margin expanded 899 bps in Q3FY11 to 76.9%. • The Net profit of the company stood at INR 15,180.3 mn in Q3FY11 (13% above our estimate of INR 13,350 mn). Outlook & Valuation At CMP the stock is trading at PE multiple of FY12E 12x and EV/EBITDA of 8x which is quite attractive compared to its peers. Considering the strong demand for iron ore and robust expansion plan of the company, we maintain our buy rating on the stock with a target price of INR 350. |
| View more at: http://www.1888pressrelease.com/nmdc-ltd-q3-fy11-result-update-unicon-investment-solution-pr-277987.html |
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