Motilal Oswal is bullish on Orient Cement has recommended buy rating on the stock with a target price of Rs 113 in its research report dated November 06, 2018.
Motilal Oswal's research report on Orient Cement
Revenue grew 7% YoY (-12% QoQ) to INR5.6b (in line with est.), as volumes increased 13% YoY to 1.47mt (est. of 1.4mt). Realizations were at INR 3,815/ton (-5% YoY; -4% QoQ) (v/s est. INR3,982) due to better-than-estimated prices in underlying markets.
We value Orient Cement at 7x Sept’20 EV/EBITDA (significantly lower than 5-year average of 14x due to lower return ratios) and arrive at a Target Price of INR113. Buy.
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