Feb 15, 2017 04:04 PM IST | Source:

Accumulate Orient Refractories; target of Rs 161: CD Equisearch

CD Equisearch has recommended accumulate rating on Orient Refractories with a target price of Rs 161 in its research report dated February 13, 2017.

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CD Equisearch's research report on Orient Refractories

Growing at an expeditious pace in the current fiscal, the Indian steel production has seen one of the best growth rates in atleast last five years (10.5% in 9mFY17) on account of production cut by China and import reduction. This has proved propitious for the refractory market in India which is highly correlated with the steel production and demand.


With the likelihood of steel industry to continue aid refractories demand, revenues of ORL are expected to culminate in 14% (annual) growth in the next two years galvanized by higher operating margins (over 19.5%). Balancing all odds, we assign ‘accumulate’ rating on the stock with a target of Rs 161 based on 24x FY18 EPS (peg ratio: 1.2) over a period of 6-9 months.

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