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ACC a market performer: HDFC Securities
HDFC Securities has maintained its market performer rating on ACC with a target of Rs 670. The research firm has valued ACC at 30% discount to its 8 year average EV/EBITDA multiple of 10x.
HDFC Securities has maintained its market performer rating on ACC with a target of Rs 670 in its September 19, 2008 research report. "We have valued ACC at 30% discount to its 8 year average EV/EBITDA multiple of 10x as we believe that going forward, margins of the company will be under pressure due to rising costs and inability to pass on input costs hike due to continued government intervention as a measure to check inflation and expected demand-supply mismatch, which gives up a target price of Rs 670 per share (11.3% upside from its CMP). We maintain our Market Performer rating on the stock," says HDFC Securities' research report.
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