ACC - Better Show Continues In Q4, Valuation Attractive: Dolat Capital
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Dolat Capital Report
ACC Ltd. reported revenue and volume in line, however Ebitda, Ebitda/tonne and adjusted profit after tax below estimates.
The company posted 2.1%/ 5.7%/ 45.3% YoY growth in revenue/ Ebitda/ adjusted PAT to Rs 41.4 billion/ Rs 5.7 billion/ Rs 3.9 billion in Q4 CY20 led by 5.0% YoY realization growth (down 3.5% QoQ) which was partially offset by 0.6% YoY (up 18.8% QoQ) volume de-growth.
We expect 14.2%/19.0%/18.3% revenue/Ebitda/APAT compound annual growth rate over CY20-22E led by 15.2%/9.1% volume growth and 0.8%/ 1.0% cement realization growth in CY21E/CY22E.
We broadly maintain our CY21E/CY22E estimates considering Q4 CY20 results.
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