Buy India Cement; target of Rs 245: ICICI Direct

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ICICI Direct's research report on India Cement

The company has indicated that the overall south market is expected to increase at a healthy pace over the next few years. A major driver of cement demand in the south market is expected to be the Andhra Pradesh (AP) and Telangana market.

Outlook

In addition, with improving cash flow, we expect debt to reduce over the next two years. Hence, we maintain our BUY rating on the stock with a revised target price of Rs 245 (i.e. EV/EBITDA of 10.0x, EV/tonne of US$105/tonne).

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