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<p>The recently concluded IPO has also firmed up Nuvoco's balance sheet. We expect strong cash flow to help accelerate the company's Karnataka expansion plan. Asset sweating and leverage reduction should bolster return ratios. We initiate coverage on Nuvoco Vistas (Nuvoco) with a BUY rating and a target price of INR 827/share (11x its consolidated Sep23E EBITDA). The company has grown inorganically to become the sixth largest cement company in India and has consolidated its leadership position in the east.</p>
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The recently concluded IPO has also firmed up Nuvoco's balance sheet. We expect strong cash flow to help accelerate the company's Karnataka expansion plan. Asset sweating and leverage reduction should bolster return ratios. We initiate coverage on Nuvoco Vistas (Nuvoco) with a BUY rating and a target price of INR 827/share (11x its consolidated Sep23E EBITDA). The company has grown inorganically to become the sixth largest cement company in India and has consolidated its leadership position in the east.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nuvoco Vistas (Initiating Coverage): Strengthening its leadership position. BUY

India

Nuvoco Vistas Corporation Limited provides construction materials. The Company offers cement, ready mix concrete, and aggregates. Nuvoco Vistas serves customers in India.

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Nuvoco Vistas (NUVOCO IN)

Nuvoco Vistas (Initiating Coverage): Strengthening its leadership position. BUY

The recently concluded IPO has also firmed up Nuvoco's balance sheet. We expect strong cash flow to help accelerate the company's Karnataka...

HDFC Securities

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