External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul>
<li>ACC reported revenue growth of 3% YoY and Volume/EBITDA/APAT de-growth of 3%/26%/30% respectively YoY, attributable to lower volume growth and higher cost during the quarter.</li>
<li>The company recorded an EBITDA Margin of 14.3% against 20% YoY, which was below our expectation of 17.6%, primarily owing to the elevated input costs</li>
<li>We value ACC at 10x its CY23E EV/EBITDA to arrive at a TP of Rs 2,300/share, implying an upside of 12% from the CMP</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


ACC reported revenue growth of 3% YoY and Volume/EBITDA/APAT de-growth of 3%/26%/30% respectively YoY, attributable to lower volume growth and higher cost during the quarter.
The company recorded an EBITDA Margin of 14.3% against 20% YoY, which was below our expectation of 17.6%, primarily owing to the elevated input costs
We value ACC at 10x its CY23E EV/EBITDA to arrive at a TP of Rs 2,300/share, implying an upside of 12% from the CMP

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC Ltd: Cost Inflation Drags Margin; Upcoming Capacity to Drive Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Media reports are ablaze with talks of a potential exit by Holcim from Indian markets</li><li>Neither Holcim nor its Indian subsidiaries Ambuja and ACC have offered any comments on the same so far</li><li>Our analysis suggests India remains a major market for Holcim and its Indian cement operations lead, with a lower carbon footprint</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Media reports are ablaze with talks of a potential exit by Holcim from Indian marketsNeither Holcim nor its Indian subsidiaries Ambuja and ACC have offered any comments on the same so farOur analysis suggests India remains a major market for Holcim and its Indian cement operations lead, with a lower carbon footprintContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement (Update): Is Holcim’s green focus reason for its India-exit stories?

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<ul><li>Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.</li><li>During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.</li><li>While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.</li><li>Given the sharp...(continued).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.Given the sharp...(continued).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

<ul><li>ACC reported revenue growth of 2% YoY and Volume/EBITDA/APAT de-growth of 3%/3%/41% respectively YoY</li><li>The company’s APAT was more impacted YoY owing to tax reversal as it adopted a lower tax rate last year and an exceptional item of Rs 55 Cr in Q4CY21</li><li>We value ACC at 10.5x its CY23E EV/EBITDA to arrive at a TP of Rs 2,620/share, implying an upside of 22% from the CMP</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

ACC reported revenue growth of 2% YoY and Volume/EBITDA/APAT de-growth of 3%/3%/41% respectively YoYThe company’s APAT was more impacted YoY owing to tax reversal as it adopted a lower tax rate last year and an exceptional item of Rs 55 Cr in Q4CY21We value ACC at 10.5x its CY23E EV/EBITDA to arrive at a TP of Rs 2,620/share, implying an upside of 22% from the CMPContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC Ltd: Challenging Quarter, Upcoming Capacity to Drive Growth!

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ACC (Holcim group company) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in the Industry</li><li>The company also manufactures ready-mix concrete and has 50 plants across India</li><li>Target Price and Valuation: We value ACC at Rs 2850 i.e.12x CY23E EV/EBITDA</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

ACC (Holcim group company) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in the IndustryThe company also manufactures ready-mix concrete and has 50 plants across IndiaTarget Price and Valuation: We value ACC at Rs 2850 i.e.12x CY23E EV/EBITDAContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC: Efficiency Measures Under “Project Parvat” Visible

India

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

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ACC Ltd (ACC IN)

ACC Ltd: Cost Inflation Drags Margin; Upcoming Capacity to Drive Growth

ACC reported revenue growth of 3% YoY and Volume/EBITDA/APAT de-growth of 3%/26%/30% respectively YoY, attributable to lower volume growth and...

Axis Direct

Cement (Update): Is Holcim’s green focus reason for its India-exit stories?

Media reports are ablaze with talks of a potential exit by Holcim from Indian marketsNeither Holcim nor its Indian subsidiaries Ambuja and ACC...

HDFC Securities

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid...

Nirmal Bang

ACC Ltd: Challenging Quarter, Upcoming Capacity to Drive Growth!

We value ACC at 10.5x its CY23E EV/EBITDA to arrive at a TP of Rs 2,620/share, implying an upside of 22% from the CMP. We maintain our BUY rating...

Axis Direct

ACC: Efficiency Measures Under “Project Parvat” Visible

ACC (Holcim group company) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in the Industry

ICICI Securities Limited

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