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 93,172 - -
Change - 86.91% 118.63% -9.85% -37.52% 13.37% - -
Enterprise Value (EV) 1 41,962 70,079 145,520 132,999 93,051 105,920 102,956 92,476
Change - 67.01% 107.65% -8.6% -30.04% 13.83% -2.8% -10.18%
P/E 7.34x 11.6x 23.1x 17.3x 14.2x 13.9x 11x 9.16x
PBR 0.62x 1.05x 2.14x 1.77x 1.09x 1.15x 1.06x 0.94x
PEG - 0.8x 2.3x 0.8x -0.6x 0.8x 0.4x 0.5x
Capitalization / Revenue 0.36x 0.5x 0.8x 0.68x 0.47x 0.48x 0.42x 0.36x
EV / Revenue 0.42x 0.52x 0.79x 0.69x 0.53x 0.55x 0.47x 0.35x
EV / EBITDA 4.21x 5.22x 8.83x 7.62x 6.42x 6.25x 5.25x 3.99x
EV / EBIT 5.16x 6.13x 10.1x 8.68x 7.63x 7.23x 6.12x 4.54x
EV / FCF 3.88x 13.2x 14.2x 26.2x -596x 14.5x 12.6x -
FCF Yield 25.8% 7.58% 7.03% 3.82% -0.17% 6.88% 7.97% -
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% 1.54% 1.61% 1.82%
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 58.55 106.30 232.40 209.50 130.90 148.40 148.40 148.40
Nbr of stocks (in thousands) 609,847 627,847 627,847 627,847 627,847 627,847 - -
Announcement Date 5/11/22 5/26/23 5/15/24 5/15/25 5/15/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
52.61x2.41x23.03x0.07% 90.61B
12.58x1.07x5.88x4.65% 73.54B
27.06x2.07x20.34x1.12% 58.17B
31.27x3.92x21.26x0.22% 53.36B
52.3x4.2x26.71x1.7% 42.45B
29.64x0.73x12.09x2.09% 37.23B
24.15x0.49x7.79x2.44% 33.25B
22.6x1.54x14.21x0.2% 32.65B
5.54x0.33x5.1x5.2% 27.39B
Average 28.64x 1.86x 15.16x 1.97% 49.85B
Weighted average by Cap. 31.09x 2.02x 16.23x 1.79%

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