Buy HEG; target of Rs 1225: ICICI Direct

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ICICI Direct's research report on HEG

HEG is one of the leading graphite electrode manufacturers and exporters globally. HEG has a graphite electrode manufacturing plant of 80000 tonnes per annum at Mandideep in Madhya Pradesh • HEG has a captive power generation capacity of ~76.5 MW (two thermal power plants and one hydro power plant).

Outlook

This is likely to support an uptick in graphite electrode prices. Hence, we upgrade the stock from HOLD to BUY. We value HEG at Rs 1225, 6x FY24E EV/EBITDA.