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How this aluminium producer is defeating the global cost curve and widening its moat

The Nalco stock have corrected in the recent past from a high of Rs 90 to Rs 54.4 and is currently trading at seven times its FY21 estimated earnings

April 22, 2019 / 10:12 AM IST
How this aluminium producer is defeating the global cost curve and widening its moat

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PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

National Aluminium Company (Nalco) is no stranger to global volatility that hits metals from time to time. In October 2015, global metal prices had crashed due to an oversupplied Chinese market, with developed markets imposing an anti-dumping duty on Chinese products. Global crude oil prices plummeted to around $30 a barrel as markets feared a global slowdown, particularly due to slowing demand in China. Aluminium producers were not spared either. By the end of Q3 FY16, state-owned Nalco’s quarterly EBITDA (earnings...

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