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Buy Ratnamani Metals and Tubes: target of Rs 2000: ICICI Direct

ICICI Direct is bullish on Ratnamani Metals and Tubes has recommended buy rating on the stock with a target price of Rs 2000 in its research report dated August 11, 2022.

August 12, 2022 / 05:22 PM IST
 
 
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ICICI Direct's research report on Ratnamani Metals and Tubes


Ratnamani Metals & Tubes (RMTL) is a niche player with superior capabilities in the domestic industrial pipes and tube segment. RMTL manufactures a wide range of stainless steel and carbon steel pipes & tubes, which find application in key end user industries like oil & gas refineries, power, healthcare, etc. • RMTL has an impeccable capital allocation strategy and best in class operating margins and return ratios • RMTL has healthy cash flow and strong balance-sheet. It is one of the few players in the steel pipe sector having net cash position on its balance-sheet.


Outlook


We maintain BUY rating on the stock. With improvement in product-mix, going forward, EBITDA margin is expected to improve from Q1FY23 levels. We value RMTL at Rs 2000, 25x FY24E EPS.


For all recommendations report, click here

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Ratnamani Metals and Tubes - 110822 -ic

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first published: Aug 12, 2022 05:22 pm
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