BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
Shree Cement Ltd.'s Q4 FY21 Ebitda was in-line with our and consensus estimate. The company volume increase at up 19% YoY was strong.
Post the result we have increased Ebitda estimate for FY22E and FY23E by 6% and 11%.
This factors higher average selling price (as Q4 FY21 realization is up 4% QoQ), lower opex/tonne versus earlier estimate for FY22E/23E.
The company's valuation premium to UltraTech Cement Ltd. has narrowed to 35% (from the highs of 80%) versus historical average of 45%.
But expectation of weak H1 FY22 is weighing on us to have positive outlook on the stock.
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