Company Valuation: NCC Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 35,707 66,740 145,912 131,534 82,185 89,939 - -
Change - 86.91% 118.63% -9.85% -37.52% 9.43% - -
Enterprise Value (EV) 1 41,962 70,079 145,520 132,999 93,051 102,687 99,723 89,243
Change - 67.01% 107.65% -8.6% -30.04% 10.36% -2.89% -10.51%
P/E 7.34x 11.6x 23.1x 17.3x 14.2x 13.4x 10.6x 8.84x
PBR 0.62x 1.05x 2.14x 1.77x 1.09x 1.11x 1.02x 0.91x
PEG - 0.8x 2.3x 0.8x -0.6x 0.8x 0.4x 0.4x
Capitalization / Revenue 0.36x 0.5x 0.8x 0.68x 0.47x 0.46x 0.41x 0.34x
EV / Revenue 0.42x 0.52x 0.79x 0.69x 0.53x 0.53x 0.45x 0.34x
EV / EBITDA 4.21x 5.22x 8.83x 7.62x 6.42x 6.06x 5.09x 3.85x
EV / EBIT 5.16x 6.13x 10.1x 8.68x 7.63x 7.01x 5.92x 4.38x
EV / FCF 3.88x 13.2x 14.2x 26.2x -596x 14.1x 12.2x -
FCF Yield 25.8% 7.58% 7.03% 3.82% -0.17% 7.1% 8.22% -
Dividend per Share 2 2 2.2 2.2 2.2 2.2 2.28 2.386 2.7
Rate of return 3.42% 2.07% 0.95% 1.05% 1.68% 1.59% 1.67% 1.88%
EPS 2 7.98 9.13 10.06 12.12 9.19 10.71 13.48 16.2
Distribution rate 25.1% 24.1% 21.9% 18.2% 23.9% 21.3% 17.7% 16.7%
Net sales 1 99,300 133,513 183,144 192,053 174,635 194,249 220,173 261,099
EBITDA 1 9,961 13,425 16,481 17,456 14,483 16,935 19,596 23,186
EBIT 1 8,138 11,427 14,389 15,327 12,199 14,646 16,836 20,362
Net income 1 4,901 5,692 6,315 7,611 5,768 6,726 8,459 10,166
Net Debt 1 6,255 3,339 -391.1 1,465 10,866 12,748 9,784 -696
Reference price 2 58.55 106.30 232.40 209.50 130.90 143.25 143.25 143.25
Nbr of stocks (in thousands) 609,847 627,847 627,847 627,847 627,847 627,847 - -
Announcement Date 11/05/22 26/05/23 15/05/24 15/05/25 15/05/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.37x0.53x6.06x1.59% 941M
53.95x2.48x23.7x0.07% 93.02B
12.17x1.05x5.73x4.81% 71.23B
32.75x4.11x22.32x0.21% 55.9B
26.58x2.04x20.06x1.15% 56.91B
50.33x4.01x25.51x1.81% 40.19B
28.45x0.7x11.59x2.18% 35.8B
22.85x1.56x14.37x0.2% 33.01B
22.61x0.46x7.27x2.61% 31.19B
5.07x0.31x5.83x5.8% 27.03B
Average 26.81x 1.72x 14.24x 2.04% 44.52B
Weighted average by Cap. 31.17x 2.05x 16.41x 1.85%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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