Edelweiss is bullish on Hindalco Industries has recommended buy rating on the stock with a target price of Rs 229 in its research report dated February 13, 2017.
Edelweiss' research report on Hindalco Industries
Going ahead, we believe that Hindalco will continue to benefit from progressively higher captive coal, product mix refinement and deleveraging. The stock is trading at 5.8x FY18E EBITDA versus 7.5x for global players. Rolling over FY19E, we have revised our SoTP‐based target price to INR 229 (INR 220 earlier), implying exit EV/EBITDA multiple of 6.4x (lower than 8 years trading band of 8.0x). Maintain ‘BUY’.
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