reports
- Sanjeev Kumar Singh
MOSL: BIRLA CORPORATION: Higher volume and realization drive EBITDA be...
BIRLA CORPORATION: Higher volume and realization drive EBITDA beat (BCORP IN, Mkt Cap USD1b, CMP INR994, TP INR1275, 28% Upside, Buy) Mukutban plant likely to achieve EBITDA break-even by end-FY23 Birla Corporation (BCORP)'s 1QFY23 earnings were above our estimate led by higher volume/realization (3%/2% beat); EBITDA/OPM/profit stood at INR2.6b/12%/INR736m (est. INR2.3b/11%/INR418m), respectively. The Mukutban plant started commercial production from 30th Apr'22 and should achieve EBIT...
BIRLA CORPORATION sees its risk increased and a downgrade to Neutral
BIRLA CORPORATION (IN), a company active in the Building Materials & Fixtures industry, increases its market risk and lowers its general evaluation. The independent financial analyst theScreener just requalified the stock market behaviour as moderately risky. On the other hand, theScreener awards a fundamental star to the title, but the new risk assessment downgrades the general evaluation to Neutral. As of the analysis date April 1, 2022, the closing price was INR 1,210.90 and its expected valu...
MOSL: BIRLA CORPORATION (Buy)-Expansion plans provide growth visibilit...
BIRLA CORPORATION: Expansion plans provide growth visibility (BCORP IN, Mkt Cap USD1.4b, CMP INR1388, TP INR1740, 25% Upside, Buy) Reiterate Buy on attractive valuation BCORP’s 1QFY22 result was in line, with EBITDA growing by 47% YoY to INR3.4b, led by 39% growth in volume and EBITDA/t at INR1,026 (+6% YoY). The ongoing 3.9mtpa greenfield expansion at Mukutban (to be commissioned in 4QFY22) provides strong volume growth visibility in FY23. We expect a 14% EBITDA CAGR in FY21-23E, led ...
MOSL: BIRLA CORPORATION (Buy)-Pricing weakness in east impacts margins
Birla Corporation: Pricing weakness in east impacts margins (BCORP IN, Mkt Cap USD0.8b, CMP INR753, TP INR950, 26% Upside, Buy) Capacity addition to drive growth EBITDA/ton was up 33% YoY (-12% QoQ) in 3QFY20, led by higher realizations (+4% YoY) and cost savings (+2% YoY). While BCORP witnessed some decline in trade sales due to seasonality, it remains focused on higher trade/premium cement sales and cost efficiencies over the longer term. Upcoming capacities bode well for volume/margi...
MOSL: BIRLA CORPORATION (Buy)-Beat led by lower-than-estimated costs
BIRLA CORPORATION: Beat led by lower-than-estimated costs (BCORP IN, Mkt Cap USD0.7b, CMP INR625, TP INR815, 30% Upside, Buy) Margin improvement driven by realizations: volumes increased 4% YoY to 3.2mt (our estimate: 3.13mt). Cement realizations were up 6% YoY to INR4,810/t (in-line). Net sales grew 11% YoY to INR16.3b (our estimate: INR15.8b). Total cost/t was down 1% YoY to INR4,109 versus our estimate of INR4,204. Thus, EBITDA/t increased 61% YoY to INR975. Accordingly, EBITDA grew 68% Y...
MOSL: BIRLA CORPORATION (Buy)-Highest EBITDA/t since FY12 led by impro...
BIRLA CORPORATION: Highest EBITDA/t since FY12 led by improved realizations (BCORP IN, Mkt Cap USD0.7b, CMP INR593, TP INR780, 32% Upside, Buy) Margin improvement driven by realizations: volumes rose 4% YoY to 3.6mt. Cement realizations were up 10% YoY to INR4,954/t. Net sales grew 14% YoY to INR18.8b (our estimate: INR17.4b). Total cost/t was up 3% YoY to INR4,119/t. Thus, EBITDA/t rose 51% YoY to INR1,057. Accordingly, EBITDA grew 56% YoY to INR3.9b (our estimate: INR3.1b), with the mar...
MOSL: BIRLA CORPORATION (Buy)-Highest EBITDA/t since FY12 on back of i...
Birla Corporation: Highest EBITDA/t since FY12 on back of improved efficiencies (BCORP IN, Mkt Cap USD0.6b, CMP INR502, TP INR583, 16% Upside, Buy) Margin improvement driven by lower costs: Consol. volumes increased 13.2% YoY to 3.85mt. Cement realizations rose 1.3% YoY to INR4,625/t. Net sales grew 13.4% YoY to INR18.7b (our estimate: INR17.4b). Total cost/t declined 1% YoY to INR4,060/t. Consequently, EBITDA/t increased 6% YoY to INR804. EBITDA, thus, grew 20% YoY to INR3.09b (our estimate...
MOSL: BIRLA CORPORATION (Buy)-Higher realizations drive margins
Birla Corporation: Higher realizations drive margins (BCORP IN, Mkt Cap USD0.5b, CMP INR452, TP INR590, 30% Upside, Buy) Margins revive from 3QFY18: volumes increased 6% YoY to 3.21mt (v/s our estimate of 3.25mt), as Reliance Cement operated at 75% utilization. Cement realizations rose 4% YoY and 0.3% QoQ to INR4,553/t (v/s our estimate of INR4,438/t due to better pricing in the central regions. Thus, net sales increased 12% YoY (+6% QoQ) to INR15.6b (v/s our estimate of INR15.2b). Total ...
MOSL: BIRLA CORPORATION (Buy)-Margins beat led by higher than estimate...
Birla Corporation: Margins beat led by higher than estimated realizations (BCORP IN, Mkt Cap USD0.6b, CMP INR571, TP INR707, 24% Upside, Buy) Realizations exceed estimate led by healthy prices in central region: volumes increased 16% YoY to3.07mt (our estimate: 3.05mt), as Reliance Cement operated at 80% utilization. Cement realizations rose1%QoQ to INR4,538/t (our estimate: INR4,464) due to better pricing in the central region. Thus, net sales increased 19%YoY (-11% QoQ) to INR14.6b (our...
MOSL: BIRLA CORPORATION (Buy)-In-line volumes, margins miss led by low...
Birla Corporation: In-line volumes, margins miss led by lower-than-estimated realizations (BCORP IN, Mkt Cap USD0.9b, CMP INR793, TP INR1030, 30% Upside, Buy) Acquired assets report healthy volume growth: volumes increased 7% YoY to 3.52mt (est. of 3.54mt), led by ramp-up of Reliance assets. Cement realizations declined 1% QoQ to INR4,499/t (est. of INR4,604) due to weaker pricing in north, partially offset by better pricing in central markets. Thus, net sales stood at INR16.6b (est. of I...
MOSL: BIRLA CORPORATION (Buy)-Strong beat across parameters
Birla Corporation: Strong beat across parameters (BCORP IN, Mkt Cap USD0.8b, CMP INR692, TP INR1020, 47% Upside, Buy) Ramp-up of acquired assets drives volumes: volumes rose 4% YoY to 3.41mt (est. of 3.5mt), led by ramp-up of Reliance assets. Realizations rose 4% QoQ to INR4,554/t (est. of INR4,340) due to better pricing in the focus markets (east, central). Thus, net sales grew 15% YoY (+19% QoQ) to INR16.5b (est. of INR15b). It also received VAT incentives from UP government for prior ...
MOSL: BIRLA CORPORATION (Buy)-Higher costs impact margins
Birla Corporation: Higher costs impact margins (BCORP IN, Mkt Cap USD1.1b, CMP INR1002, TP INR1234, 23% Upside, Buy) Ramp up of acquired assets resulted in strong volume growth: Consolidated volumes rose 22% YoY to 3.03mt (our estimate: 3.0mt) due to ramp up of Reliance operations from 55% to 81% utilization. Consolidated realizations declined 2% QoQ to INR4,585/t (our estimate: INR,4642/t) due to weaker pricing in the North. Net sales were INR13.89b (+29% YoY, +12% QoQ; our estimate: INR...
MOSL: BIRLA CORPORATION (Buy)-EBITDA performance in line- increase in ...
​Birla Corporation: EBITDA performance in line; increase in interest cost dents profits(BCORP IN, Mkt Cap USD1.4b, CMP INR1216, TP INR1435, 18% Upside, Buy)Volumes impacted due to sand mining: Bcorp’s consolidated volumes increased 10% YoY to 2.65mt (vs est of 2.85mt) on like to like basis led by ramp up of Reliance volumes. However volumes declined 19% QoQ due to sand mining ban in U.P (35% of volumes) and in Bihar. Realization/t at INR 4662/t (+5%QoQ vs est of flat QoQ ) due to change in c...
MOSL: BIRLA CORPORATION (Buy)-In-line performance in both standalone a...
​Birla Corporation: In-line performance in both standalone and consolidated operations(BCORP IN, Mkt Cap USD1.0b, CMP INR925, TP INR1150, 24% Upside, Buy)Muted standalone volume growth: Standalone volumes fell 1% YoY to 2.14mt (est. of 2.20mt) due to weak demand in UP on account of sand shortage. Reliance Cement reported volume of 1.14mt in 1QFY18, operating at ~81% utilization v/s 67% in FY17. Standalone realizations increased 7% QoQ to INR4,819/t due to price hikes in the focus markets of ea...
MOSL: BIRLA CORPORATION (Buy)-Acquired subsidiary Reliance Cement repo...
​Birla Corporation: Acquired subsidiary Reliance Cement reports strong profitability(BCORP IN, Mkt Cap USD0.8b, CMP INR773, TP INR998, 29% Upside, Buy)Steady standalone performance for 4QFY17: Standalone volumes fell 2% YoY to 2.15mt (est. of 2.25mt). However, BCORP reported a strong recovery sequentially (revenues up 23%) post demonetization. Gross cement realizations rose 2.5% QoQ to INR4,514/t (est. of INR4,446) due to price hikes in focus markets. Net sales stood at INR9.3b (+6% YoY; +26% ...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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