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Dolat Capital Report
Nuvoco Vistas Corporation Ltd. Q1 FY25 revenue/volume came in line, however Ebitda, Ebitda/tonne and adjusted profit after tax were below estimates, whereas realization was above estimates.
We expect revenue/Ebitda/adjusted profit after tax compound annual growth rate of 4.1%/8.4%/88.2% over FY24-26E led by 4.0%/5.0% volume growth and -3.5%/+2.0% realization growth in FY25E/FY26E.
We decrease our FY25E/FY26E Ebitda estimates by 11.7%/7.6%, factoring in lower volumes and realization.
Accordingly, we revise our rating to ‘Reduce’ from 'Accumulate' with revised target price of Rs 358 (8 times consolidated FY26E enterprise value/Ebitda and 50% capital work in progress of FY26E).
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