Mangalam Cement Research Report By Karvy

Tagged: Karvy, Mangalam Cement

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May 20, 2015 at 10:06 pm #2042

Vidhi Khanna
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With the capacity expanded by over 60% to 3.25 mt in Q1FY15 (from 2 mt), Mangalam Cement (MCL) is well positioned to leverage the benefits of expected improvement in cement demand in North&Central India. Operating margin is expected to improve going ahead led by improvement in realisations and cost benefits. We expect 70% CAGR in EBITDA during FY15-17E on strong volume growth and margin improvement. The stock quotes at an attractive valuation of 4x FY17E EV/EBITDA ($48/ton). We initiate coverage on MCL with BUY and target price of Rs 330.

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