ICICI Direct's research report on NMDC
Incorporated in 1958, NMDC is India's largest merchant iron ore miner. During FY22, NMDC’s iron ore production volume was at ~42 million tonne (MT) while sales volume for FY22 was at ~41 MT • NMDC is one of the lowest cost iron ore producers in the world.
On the back of a muted trend in iron ore realisations, we downgrade the stock from BUY to HOLD. We value NMDC at Rs 115, 4.5x FY24E EV/EBITDA.
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