Motilal Oswal 's research report on Nalco
Nalco (NACL) surprised with higher-than-expected EBITDA at INR1.29b (est.: INR81m), led by cost reduction in the Aluminum business. However, it was down 33% YoY due to lower prices and volumes. -We raise our FY21 EBITDA estimate by 67% to factor recovery in LME prices, but maintain FY22 estimates. Maintain Buy.
We value the stock at 5.5x FY22E EV/EBITDA to arrive at TP of INR42. Buy.
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