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NTPC

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-2.75 (-1.55%)

NSE Volume

78.9L+

Broker Reports

Call Price: ₹140
28 JAN 22
Target: ₹170
Change: ₹131.5 (-1.57%)

BUY

Call Price: ₹137
3 NOV 21
Target: ₹156
Change: ₹140.25 (2.11%)

BUY

Call Price: ₹146
4 OCT 21
Target: ₹170
Change: ₹145.35 (-0.14%)

BUY

Call Price: ₹117.8
2 AUG 21
Target: ₹140
Change: ₹118.2 (0.51%)

BUY

Call Price: ₹117.8
2 AUG 21
Target: ₹122
Change: ₹118.2 (0.51%)

HOLD

Call Price: ₹117.25
23 JUN 21
Target: ₹140
Change: ₹117.9 (0.38%)

BUY

Call Price: ₹97.3
22 APR 20
Target: ₹148
Change: ₹95.4 (-2.25%)

BUY

We build in some delays on execution and expect commercialization of 3.6GW in FY21. The current stock price implies 0.8x FY21 P/BV, which is at a ~40% discount to its longterm averages. Reiterate our Buy rating on the stock, with TP of INR148/s
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Call Price: ₹80.5
27 MAR 20
Target: ₹90
Change: ₹81.7 (1.49%)

HOLD

The acquisition will help NTPC diversify from the traditional thermal portfolio. However, in the medium term, aggressive addition in coal-based plants will keep diversification under check. Hence, we believe this will keep the investment multiples for NTPC under check. Optically, valuation at 0.7x may look attractive but the same will not appeal to investors due to skewness on the thermal front. We maintain HOLD with a TP of | 90/share.
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Call Price: ₹115.7
10 FEB 20
Target: ₹154
Change: ₹113.15 (-2.2%)

BUY

NTPC’s results highlight the benefit of fixed-cost (F/C) recoveries and higher surcharge income. Reported PAT was up 26% YoY. We expect recoveries to continue in 4Q with improving availability at NTPC’s plants.
Commercialization is on track with 4.2GW YTD (target: 5GW). Pick-up in capitalization, along with lower F/C u/r, is expected to drive earnings CAGR of 14% over FY19-22. Maintain Buy with a target price of INR154
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Call Price: ₹115.2
24 JAN 20
Target: ₹158
Change: ₹114.75 (1.01%)

BUY

5GW of capitalization for FY20 appears to be on track given the recent commissioning/commercialization. NTPC’s plant availability has also improved. We believe fuel supply/availability at these plants can be ramped up (if operational issues at mines do not persist). Besides, benefit of the FY20-24 tariff regulations (GCV and O&M) are being reflected in the underlying numbers. We expect capitalization to pick up pace and drive regulated equity CAGR of 16% over FY19- 22E. Thus, capitalization should outpace capex and boost RoE. Maintain Buy with a target price of INR158/share.
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Call Price: ₹118.06
9 NOV 19
Target: ₹163
Change: ₹116.9 (0.09%)

BUY

Even if the late payment surcharge and related interest costs were adjusted, we believe that NTPC’s underlying numbers are strong and reflect the benefit of FY20- 24 tariff regulations. Management is keen to reduce its over-dues and while this may reduce the subsequent surcharge income/profitability, we believe it is positive as it (1) reduces the possible risk of these dues ballooning, and (2) would release cash to invest in core activities. While NTPC’s plant availability was impacted in 2QFY20, given that these plants are at pit head, fuel supply can be ramped up for the remainder of the year (if operational issues at mines do not persist). It’s ~5GW capitalization for FY20 also appears on track. We expect capitalization to pick up pace and drive regulated equity CAGR of 16% over FY19-22E. Capitalization should outpace capex and boost RoE. Our DCF-based TP is INR163/sh. Maintain Buy.
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Call Price: ₹113.16
6 DEC 19
Target: ₹164
Change: ₹109.95 (-2.53%)

BUY

TheresultsoftheSCEDschemehavebeenencouraging.Totalsavingsof~INR3.1b were achieved for 3MFY20. According to CERC, 50% of these savings (post compensation for part load ops) would be shared with generators. Our analysis suggests that NTPC’s share stands at INR1b for 3MFY20, implying an annual INR4b benefit for the company.
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Call Price: ₹115.43
21 NOV 19
Target: ₹163
Change: ₹117.3 (-0.42%)

BUY

We remain positive on NTPC from a medium-term perspective, given the pickup in capitalization and the decline in fuel u/r – which should drive 14% earnings CAGR over FY19-21. Maintain Buy with a DCF-based target price of INR163/sh. Over the near term though, the risks related to government divestment and the uncertainty on value accretion over the potential acquisition could be an overhang on the stock.
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Call Price: ₹118.09
4 OCT 19
Target: ₹167
Change: ₹117 (-0.38%)

BUY

Call Price: ₹119.43
19 AUG 19
Target: ₹158
Change: ₹118.5 (3.36%)

BUY

After generating flat EPS growth over FY16–19, NTPC is likely to post a strong 15% CAGR over FY19–21E on the back of recoupment of under recoveries and 8GW of cumulative capacity commercialisation. Maintain ‘BUY/SO’ with a target price of INR158. The stock is trading at FY20/21E P/B of 1.0/1.0x.
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Call Price: ₹133.35
28 MAY 19
Target: ₹136
Change: ₹129.85 (-1.37%)

HOLD

Valuation & Outlook: Improved performance in terms of capacity addition and improvement in under recoveries of fixed costs will drive PAT CAGR at 11.7% over FY19- 21E. However, rising clamour on renewables as driving force for energy would limit the re rating for conventional energy companies like NTPC. We value the company at 10 P/E on FY21 EPS to arrive at a fair target of | 136.
... Read more
Call Price: ₹116.6
3 FEB 19
Target: ₹162.5
Change: ₹129.85 (-1.37%)

BUY

Outlook and valuation: Over FY2018-20, the company is expected to post a CAGR of 10.5% and 10.2% in the sales and net profit respectively. At current price, the stock trades at 1.0xBV FY2019E; which implies a very low ~14-15% business ROE’s and low growth prospects for the company over a long period.
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Call Price: ₹116.6
1 FEB 19
Target: ₹122.5
Change: ₹129.85 (-1.37%)

HOLD

Limited re-rating to eclipse strong capacity addition; maintain HOLD NTPC is set for strong capacity addition trajectory in FY19-21 that is expected to lead to strong growth in regulated equity base of the company and that too at a time no other player is coming up with capacity. This coupled with a strong balance sheet profile will be negated with limited upside in multiples given thermal power as a segment faces long term visibility challenges in the wake of rising tide of renewables. Hence, we continue to value the company ay 1.1x FY20E book value and continue to ascribe a fair value of | 147 per share.
... Read more
Call Price: ₹116.9
31 JAN 19
Target: ₹162.5
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹122.51
17 DEC 18
Target: ₹133.33
Change: ₹129.85 (-1.37%)

HOLD

Call Price: ₹131.29
2 NOV 18
Target: ₹162.5
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹140.05
1 OCT 18
Target: ₹162.5
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹140.18
26 SEP 18
Target: ₹177.5
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹142.38
3 SEP 18
Target: ₹177.5
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹129.5
3 AUG 18
Target: ₹161.67
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹129.58
31 JUL 18
Target: ₹158.33
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹129.57
30 JUL 18
Target: ₹179.17
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹129.57
30 JUL 18
Target: ₹133.33
Change: ₹129.85 (-1.37%)

HOLD

Call Price: ₹128.61
28 JUL 18
Target: ₹161.67
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹138.37
31 MAY 18
Target: ₹168.33
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹138.57
30 MAY 18
Target: ₹179.17
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹142.16
7 MAY 18
Target: ₹187.5
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹139.21
20 MAR 18
Target: ₹177.5
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹141.21
31 JAN 18
Target: ₹175
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹141.88
1 FEB 18
Target: ₹168.33
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹148.45
27 DEC 17
Target: ₹175.83
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹184.35
27 NOV 17
Target: ₹197
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹175.49
16 NOV 17
Target: ₹192
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹180.15
21 NOV 17
Target: ₹225
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹178
20 NOV 17
Target: ₹211
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹178
20 NOV 17
Target: ₹197
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹176.95
14 NOV 17
Target: ₹190
Change: ₹129.85 (-1.37%)

HOLD

Call Price: ₹176.95
14 NOV 17
Target: ₹189
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹176.95
14 NOV 17
Target: ₹211
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹168.9
14 SEP 17
Target: ₹211
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹171.85
22 AUG 17
Target: ₹204
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹171.4
9 AUG 17
Target: ₹197
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹165
1 AUG 17
Target: ₹189
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹163.6
13 JUL 17
Target: ₹198
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹158.8
6 JUL 17
Target: ₹192
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹157.2
27 JUN 17
Target: ₹192
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹161
30 MAY 17
Target: ₹192
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹156
29 MAY 17
Target: ₹191
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹162
31 MAY 17
Target: ₹176
Change: ₹129.85 (-1.37%)

HOLD

Call Price: ₹160
2 MAR 17
Target: ₹189
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹172
8 FEB 17
Target: ₹201
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹172
8 FEB 17
Target: ₹190
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹171.9
8 FEB 17
Target: ₹190
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹171.15
9 FEB 17
Target: ₹200
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹176
17 JAN 17
Target: ₹190
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹152.25
28 OCT 16
Target: ₹185
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹152
1 NOV 16
Target: ₹171
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹153
1 NOV 16
Target: ₹188
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹161.25
25 AUG 16
Target: ₹176
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹164
23 AUG 16
Target: ₹167
Change: ₹129.85 (-1.37%)

HOLD

Call Price: ₹161.9
24 AUG 16
Target: ₹146
Change: ₹129.85 (-1.37%)

SELL

Call Price: ₹164
23 AUG 16
Target: ₹199
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹164
22 AUG 16
Target: ₹170
Change: ₹129.85 (-1.37%)

HOLD

Call Price: ₹160
23 AUG 16
Target: ₹188
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹159
1 AUG 16
Target: ₹185
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹154.7
20 JUN 16
Target: ₹205
Change: ₹129.85 (-1.37%)

HOLD

Call Price: ₹145
2 JUN 16
Target: ₹161
Change: ₹129.85 (-1.37%)

BUY

Call Price: ₹144
1 JUN 16
Target: ₹163
Change: ₹129.85 (-1.37%)

BUY

About
NTPC Ltd. NSE: NTPC | BSE: 532555 | ISIN: INE733E01010 | Sector: Power
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