STOCKIDEAS : 


NOIDA TOLL BRIDGE

Company Name : Noida Toll Bridge

Bse Code : 532481
Nse Code : NOIDATOLL
Face Value : 10
Group / Index : B / BSE500
ISIN : INE781B01015
Industry : Road And Highways, Construction And Contracting Civil Sector
Listing Date : 06-12-2002

CMP : 35.75
52 WK HIGH : 46.00
52 WK LOW : 26.80


Noida Toll Bridge Company Ltd. (NTBCL) has been promoted by Infrastructure Leasing and Financial Services Ltd. (IL&FS) as a special purpose vehicle (SPV) to develop construct, operate and maintain the DND Flyway on a Build Own Operate Transfer (BOOT) basis. It has an Equity Capital of Rs. 186 crores and a market cap. of Rs. 650 crores @CMP of Rs. 35.75 The Co. has land in their possession around DND Flyway in NOIDA and DELHI ( says AR 2009 ). Independent sources estimate this land to be more than 600 acres..This land can be developed by the Co. in phases subject to grant of development Rights by NOIDA / UP Govt. and Govt. of Delhi. Getting permission from the respective Govt. Departments is in progress states AR 2009..


As per the Concession Agreement which the Co. has entered into with NOIDA and IL&FS , the Co. is entitled to designated rate of Return of 20% on the Project cost during the concession period of 30 years . Total amount to be recovered upto 31st March 2009 under this agreement is Rs. 1486 crores more than 2 times its present market cap.says AR 2009..


A growing, land assets valued conservatively at around Rs.3000 crores and recovery of Concession grants of Rs. 1400 crores, the share appears to be highly under priced.


With A Market Cap 665.65, EPS 1.65, P/E 21.6, PC 18.62, Book Value 22.45, Price / Book 1.59, Market lot 1, Industry P/E 21.96. The downside is limited to Rs.27, While the Short Term Target Rs. 50, For Long Term View Target Rs. 72.