Motilal Oswal is bullish on Ultratech Cement has recommended buy rating on the stock with a target price of Rs 4368 in its research report dated January 24, 2019.
Motilal Oswal's research report on Ultratech Cement
Volumes grew 13% YoY to 17.9mt (our estimate: 17.19mt) in 3QFY19. Realizations declined 1% QoQ to INR4,923/t (our estimate: INR4,998) as higher prices in north were offset by weaker prices in south and east. Net sales grew 18% YoY (+12% QoQ) to INR88b (our estimate: INR85.9b).
The company trades at 15.4x/12.8x EV on FY20/21E EBITDA. We value UTCEM at 14x FY21E EV/EBITDA and arrive at a TP of INR4,368. Buy.
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