Buy MOIL; target of Rs 260: Kotak Securities
Kotak Securities is bullish on MOIL has recommended buy rating on the stock with a target price of Rs 260 in its research report dated November 30, 2018.
December 03, 2018 / 03:48 PM IST
Kotak Securities' research report on MOIL
MOIL Q2FY19 revenue was higher than estimates, driven by better than expected sales volume. Blended ore realizations stood at Rs10,560/tonne were 12.7% below our estimates, which partly offset the benefit of higher volumes. The company had taken 5% price hike in the month of Sep'18 and 10% in Oct'18, the benefit of the same will reflect in 3QFY19.
At CMP, the stock trades at 9.6x/8.5x FY19E/FY20E earnings and on EV/EBITDA, it trades at 3.7x/2.8x FY19E/FY20E EBITDA. We reiterate our BUY rating on the stock with an unchanged target price of Rs260.
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