External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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