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

ICICI Securities Limited

External broker reports(aggregated public sources)

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. 

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Equity Bottom-Up

<ul><li>PCBL Ltd (name changed from Phillips Carbon Black) is the leading manufacturer of carbon black, which is used as a reinforcing material in tyres.</li><li>PCBL also derives ~8% of sales volume from speciality carbon black, which fetches high margins and finds application in paints, plastics among others</li><li>Target Price and Valuation: Introducing FY24E, we roll over our valuations and now value PCBL at unchanged target price Rs 320 i.e. 12x P/E on FY23E-24E avg. EPS</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>

PCBL Ltd (name changed from Phillips Carbon Black) is the leading manufacturer of carbon black, which is used as a reinforcing material in tyres.PCBL also derives ~8% of sales volume from speciality carbon black, which fetches high margins and finds application in paints, plastics among othersTarget Price and Valuation: Introducing FY24E, we roll over our valuations and now value PCBL at unchanged target price Rs 320 i.e. 12x P/E on FY23E-24E avg. EPSContent 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.

Phillips Carbon Black: Growth Capex Progressing Well, PCBL in Value Zone

<p>We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on R&amp;D, and is seeing structural tailwind from reduced China concern.</p>
<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>

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on R&amp;D, and is seeing structural tailwind from reduced China concern.
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.

Recalibrated + re-innovated + structural tailwinds

<p>We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on R&amp;D, and is seeing structural tailwind from reduced China concern.</p><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>

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on R&amp;D, and is seeing structural tailwind from reduced China concern.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.

<p>Net sales for Q2FY22 were at Rs 1067.6 crore with carbon black sales volume at ~116 KT, up 7% QoQ and consequent EBITDA/tonne at ~Rs 16,150 Consequent PAT in Q2FY22 was at Rs 121.5 crore, up 16.5% QoQ...</p><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>

Net sales for Q2FY22 were at Rs 1067.6 crore with carbon black sales volume at ~116 KT, up 7% QoQ and consequent EBITDA/tonne at ~Rs 16,150 Consequent PAT in Q2FY22 was at Rs 121.5 crore, up 16.5% QoQ...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.

Phillips Carbon Black: Robust Quarter, High Double Digit Growth Lies Ahead

<p>Net sales for Q1FY22 were at Rs 1004 crore with carbon black sales volume at 109 KT, down 3% QoQ and consequent EBITDA/tonne at ~Rs 15,000 Consequent PAT in Q1FY22 was at Rs 104 crore, down 18% QoQ...</p><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>

Net sales for Q1FY22 were at Rs 1004 crore with carbon black sales volume at 109 KT, down 3% QoQ and consequent EBITDA/tonne at ~Rs 15,000 Consequent PAT in Q1FY22 was at Rs 104 crore, down 18% QoQ...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.

Phillips Carbon Black: Steady Show, Inexpensive Valuations, Value Play

India

PCBL Limited of India manufactures carbon black and its by-products. The Company offers carbon black which is an essential ingredient used in the manufacturing of rubber, synthetic rubber, motor vehicle tires, and products in the printing and paint industries. PCBL serves customers worldwide.

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PCBL Limited (PCBL IN)

Phillips Carbon Black: Growth Capex Progressing Well, PCBL in Value Zone

PCBL Ltd (name changed from Phillips Carbon Black) is the leading manufacturer of carbon black, which is used as a reinforcing material in tyres.

ICICI Securities Limited

Recalibrated + re-innovated + structural tailwinds

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after...

ICICI Securities Limited

Recalibrated + re-innovated + structural tailwinds

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after...

ICICI Securities Limited

Phillips Carbon Black: Robust Quarter, High Double Digit Growth Lies Ahead

Net sales for Q2FY22 were at Rs 1067.6 crore with carbon black sales volume at ~116 KT, up 7% QoQ and consequent EBITDA/tonne at ~Rs 16,150...

ICICI Securities Limited

Phillips Carbon Black: Steady Show, Inexpensive Valuations, Value Play

Net sales for Q1FY22 were at Rs 1004 crore with carbon black sales volume at 109 KT, down 3% QoQ and consequent EBITDA/tonne at ~Rs 15,000...

ICICI Securities Limited

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