Result Update

NTPC Q4FY19 RESULT UPDATE


At CMP of Rs 133, NTPC is trading at 1.1x FY20E and 1x FY21E BV, which is below its ten-year average of 1-year forward P/BV of ~1.6x. After factoring in Q4FY19 results we have tweaked our FY20E and FY21E estimates slightly. We continue to value the stock at a target P/BV multiple of 1.1x of FY21E to arrive at a target price of Rs 155. We remain positive on the stock from longer term perspective, however due to recent rally in stock price and mixed set of results, we downgrade our rating from BUY to Accumulate with revised target price of Rs 155, giving an upside potential of 16.5%.

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