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Thursday, January 14, 2010

Nitco Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Nitco Ltd
Code: 532722

Story:Nitco Ltd owner of “NITCO TILES” brand is a complete flooring solutions provider, focused on the premium tile segment which helps it maintain margins at higher levels. It has exotic range ceramic tiles, vitrified tiles, cement-terrazzo tiles, pavers, steps & risers, Italian marble, & artistic creations in mosaic tiles which covers entire gamut of indoor, outdoor and even industrial applications. Last fiscal company successfully forayed into the business of sourcing cement from Pakistan etc and selling them in India. Recently it ventured into the real estate business and is developing a total area of 37.3 acres with a saleable area of 16.28 lacs sq. ft at Thane, Mumbai and Alibaug. The projects include premium residential, premium villas and IT park formats. On the other hand it is increasing the ceramic production capacity by 10,000 sq mtr at Alibaug and enhancing the processing capacity of imported marble at Silvassa thru a capex of approx Rs 200 cr. As 60% revenue comes from institutional clients, company is now focusing on retail segment and has planned to open 43 Le Studios Express (retail outlet) soon against 12 studios already operational. It is also contemplating to diversify into new products like sanitaryware, CP fittings etc in near future. Ironically, share which was placed at Rs 260 to QIB one year back is not finding any buyer even at Rs 50 now. With expected EPS of Rs 8, book value of Rs 155, EV\EBITDA of less than 6x times, company is trading reasonably cheap at market cap of merely Rs 150 cr.Buy at sub 35 levels to reap rich benefit.

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