Motilal Oswal - MOSL: Morning India (13/November/19): 1. Coal India (Better FSA realization); 2. EcoScope; 3. Power Grid; 4. Tata Motors; 5. Britannia Ind.; 6. Hindalco; 7. Motherson Sumi; 8. Lupin

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Motilal Oswal

Team Research

EUR 120.00 For Business Accounts Only

MOSL: Morning India (13/November/19): 1. Coal India (Better FSA realization); 2. EcoScope; 3. Power Grid; 4. Tata Motors; 5. Britannia Ind.; 6. Hindalco; 7. Motherson Sumi; 8. Lupin

MOrning India (13/November/19): 1. Coal India (Better FSA realization); 2. EcoScope; 3. Power Grid; 4. Tata Motors; 5. Britannia Ind.; 6. Hindalco; 7. Motherson Sumi; 8. Lupin

Today’s top research idea

Coal India: Better FSA realization, e-auction volumes drive beat

In the previous few months, Coal India has witnessed production issues at its key subsidiaries such as SECL and MCL.
However, over the medium term, we expect volumes to grow at 5-6% as these issues settle.
Besides, COAL has managed to keep cost under control on the back of productivity measures and shutting down of old mines which should drive 4% adj. EBITDA CAGR over FY19-21 - despite a high base of FY19.
The stock trades attractively at ~3x FY21E EV/adj. and offers a dividend yield of ~9%.
We value the stock on 4.5x FY21E EV/EBITDA at INR278/sh. Maintain Buy.

Piping hot news

Factory output shrinks 4.3%; Lowest in almost 8 years

India’s industrial production shrank for the second consecutive month in September, its worst performance in the series that began April 2012, highlighting the persistent structural slowdown in the economy and firming up expectations of further monetary easing next month with scant signs of a turnaround.

13/11/2019 3 EN

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Motilal Oswal

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MOSL: Morning India (13/November/19): 1. Coal India (Better FSA realization); 2. EcoScope; 3. Power Grid; 4. Tata Motors; 5. Britannia Ind.; 6. Hindalco; 7. Motherson Sumi; 8. Lupin

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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