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Saturday, August 6, 2011

Vascon Engineers Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,views and outlook,multibagger

Scripscan:Vascon Engineers Ltd

Story:Pune based Vascon Engineers ltd is an engineering' procurement and construction (EPC) services and realty company. Vascon commenced operations primarily as a construction company' lately it has diversified into real estate development.Following the footsteps of Godrej Properties, Vascon Engineers seeks to showcase an asset-light model in real-estate through joint developments. It also seeks to integrate its construction skills with real-estate development activity.Sales — from third-party construction contracts — from its own real-estate projects and from development of property would be the three main revenue streams.Going ahead' the management expects realty business to be a major contributor to both revenue and profit.Excessive dependence on internal source(s) for revenue — from the point of view of maintaining an arms-length transaction as well as timely conversion of debtors to cash — does pose a risk.This leads to the risk of deriving a chunk of revenues from related entities whether in the form of joint ventures, partnerships or associates; receivables too would be due from such sources.It may be worth recollecting that DLF's sale transactions with associate company, DLF Assets, was not too well-received by the market and this factor, in fact, hurt the valuation.At present prices the valuation comes to 9x of its annualised estimated earnings of FY12. This is bit higher than the existing listed players like Pratibha Industries and J Kumar.Though' this will not be a fair comparison as none of the above companies have a presence in the high margin-high risk realty sector as Vascon has.At present prices it remains a hold.Future prospects are decent and investors may expect some long term gains from the counter.

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