Edelweiss' research report on Vedanta
Q4FY17 performance was driven by Zn and Al divisions, which combined comprise two-thirds of consolidated EBITDA. Vedanta availed benefits on both pricing and volume fronts. LME Zn and Al prices jumped 66%/22% at USD 2,780/ USD 1,851/t YoY.
Outlook
At CMP, the stock is trading at 3.6x FY19E, which is at a discount to global peers that are trading at 6-7x. We maintain ‘BUY’. Our target price remains unchanged at INR 288, implying exit multiple of 4.2x.
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