Phillips Carbon Black - Recalibrated, Re-Innovated, Structural Tailwinds: ICICI Securities Initiates Coverage
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ICICI Securities Report
Phillips Carbon Black Ltd. has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on research and development, and is seeing structural tailwind from reduced China concern.
Phillips Carbon is adding greenfield capacity after a decade, which shows growing management confidence in the business. It has introduced specialty grade and is expanding into new high performance carbon blacks used in energy storage, improving resistance quality and investing in greener process.
We forecast Phillips Carbon’s Ebitda and net profit to grow at a compound annual growth rate of 13.9% and 14.5% over FY21-24E.
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