Edelweiss is bullish on Vedanta has recommended buy rating on the stock with a target price of Rs 288 in its research report dated May 15, 2017.
Edelweiss' research report on Vedanta
Q4FY17 performance was driven by Zn and Al divisions, which combined comprise two-thirds of consolidated EBITDA. Vedanta availed benefits on both pricing and volume fronts. LME Zn and Al prices jumped 66%/22% at USD 2,780/ USD 1,851/t YoY.
At CMP, the stock is trading at 3.6x FY19E, which is at a discount to global peers that are trading at 6-7x. We maintain ‘BUY’. Our target price remains unchanged at INR 288, implying exit multiple of 4.2x.
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