ICICI Direct is bullish on Mangalam Cement has recommended buy rating on the stock with a target price of Rs 340 in its research report dated February 14, 2017.
ICICI Direct's research report on Mangalam Cement
We expect the EBITDA margin to improve from 4.1% in FY16 to 15.1% in FY18E. At the CMP of Rs 293, the stock is trading at an attractive valuation of 6.0x FY18E EV/EBITDA and an EV/tonne of US$42. Hence we maintain BUY with a revised target price of Rs 340/share (i.e. at 7.0x FY17E EV/EBITDA and EV/tonne of US$48).
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