reports
- Sanjeev Kumar Singh
MOSL : DALMIA BHARAT: Above estimates; energy cost to fall from 3QFY23
DALMIA BHARAT: Above estimates; energy cost to fall from 3QFY23 (DALBHARA IN, Mkt Cap USD3.8b, CMP INR1618, TP INR1815, 12% Upside, BuY Earnings beat led by higher volumes, better realization, and lower OPEX DALBHARA's 1QFY23 performance was above our estimates driven by an all-round beat. EBITDA/OPM stood at INR6b/18% (est. INR5b/16%). EBITDA/t at INR945 (est. INR848). Variable cost increase for the company is the lowest among its peers due to a higher clinker-to-cement conversion...
Increased risk weighs on ODISHA CEMENT LTD, penalising its rating dow...
The independent financial analyst theScreener just lowered the general evaluation of ODISHA CEMENT LTD (IN), active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date February 25...
MOSL: DALMIA BHARAT (Buy)-Well-placed to gain market share
DALMIA BHARAT: Well-placed to gain market share (DALBHARA IN, Mkt Cap USD5.4b, CMP INR2147, TP INR2480, 16% Upside, Buy) Expansions enhance growth visibility Volume declined by 24% QoQ to 4.89mt in 1QFY22 as it lost some market share in East India because of COVID-led lockdowns at plant locations. However, cost control, which was led by a change in product mix, has kept margin intact. The announcement of its much awaited capital allocation policy is a big positive. DBEL announced capaci...
MOSL: DALMIA BHARAT (Buy)-Capacity expansion to drive market share gai...
DALMIA BHARAT: Capacity expansion to drive market share gains (DALBHARA IN, Mkt Cap USD2.4b, CMP INR890, TP INR1070, 20% Upside, Buy) Healthy cash flow to drive deleveraging Dalmia Bharat’s (DBL) 3QFY20 results highlight its market share gains with volume growth of 14% YoY, especially at a time when market growth was sluggish. We expect this trend to continue supported by 30% capacity expansion in the next 12 months. We maintain our FY20/21E est. and Buy The commissioning of new capacit...
MOSL: DALMIA BHARAT (Buy)-Robust pricing in focus markets drives margi...
DALMIA BHARAT: Robust pricing in focus markets drives margins (DALBHARA IN, Mkt Cap USD2.7b, CMP INR987, TP INR1270, 29% Upside, Buy) Realization improvement drives margins: Cement volumes were up by just 1% YoY to 4.6mt, while blended realization increased 6% YoY (+9% QoQ) to INR5,576/t, led by healthy pricing in focus markets. Revenue grew 7% YoY to INR25.4b (our estimate: INR22.5b). EBITDA stood at INR6.7b (our estimate: INR5.3b), with the margin at 26.3%. The group adopted Ind-AS 116 ...
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