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. 

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Thematic (Sector/Industry)

<ul>
<li>After a subdued Q3FY22, cement demand witnessed an uptick in the month of Jan’22</li>
<li>While demand in Feb’22 stood a little softer on account of the election in key states of UP and Punjab, it recovered sharply in Mar’22,</li>
<li>We remain constructive on the growth of the cement sector from the medium to long term.</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>


After a subdued Q3FY22, cement demand witnessed an uptick in the month of Jan’22
While demand in Feb’22 stood a little softer on account of the election in key states of UP and Punjab, it recovered sharply in Mar’22,
We remain constructive on the growth of the cement sector from the medium to long term.

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: Higher Costs to Impact Margins, Demand Outlook Positive

Equity Bottom-Up

<ul><li>Star Cement (SCL) reported robust revenue/volume growth of 31%/32%YoY in Q3FY22, driven by higher demand in its operating region</li><li>The company reported an EBITDA Margin of 12.2% which was below our expectation of 15.8%</li><li>We retain our BUY rating on the stock and value the company at 8x its FY23E EV/EBITDA to arrive at a target price of Rs 105/share, implying an upside of 11% from 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>

Star Cement (SCL) reported robust revenue/volume growth of 31%/32%YoY in Q3FY22, driven by higher demand in its operating regionThe company reported an EBITDA Margin of 12.2% which was below our expectation of 15.8%We retain our BUY rating on the stock and value the company at 8x its FY23E EV/EBITDA to arrive at a target price of Rs 105/share, implying an upside of 11% from 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.

Star Cement: Encouraging Volume Growth; Higher Costs and Lower Prices Impact Margins

<p>The stock is currently trading at 9x FY22E and 7x FY23E EV/EBITDA. We retain our BUY rating on the stock and value the company at 8x its FY23E EV/EBITDA to arrive at a target price of Rs 115/share, implying an upside of 15% from CMP.</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>

The stock is currently trading at 9x FY22E and 7x FY23E EV/EBITDA. We retain our BUY rating on the stock and value the company at 8x its FY23E EV/EBITDA to arrive at a target price of Rs 115/share, implying an upside of 15% from 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.

Star Cement: In-Line Operating Performance; New Capacity Ramp-Up to Drive Growth!

<p>We retain our BUY rating on the stock and value the company at 8x of its FY23E EV/EBITDA to arrive at a target price of Rs 120/share, implying an upside of 12% from CMP.</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 retain our BUY rating on the stock and value the company at 8x of its FY23E EV/EBITDA to arrive at a target price of Rs 120/share, implying an upside of 12% from 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.

Star Cement: A Challenging Year; Capacity Addition To Drive Future Growth

<p>We retain our BUY rating on the stock and value the company at 8x of its FY23E EV/EBITDA to arrive at a target price of Rs 130/share, implying an upside of 12% from CMP.</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 retain our BUY rating on the stock and value the company at 8x of its FY23E EV/EBITDA to arrive at a target price of Rs 130/share, implying an upside of 12% from 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.

Star Cement: EBITDA Miss; New Expansion to Fuel Growth

India

Star Cement Limited manufactures construction materials. The Company produces and markets cement and concrete products. Star Cement serves customers in India.

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Star Cement Ltd (STRCEM IN)

Cement: Higher Costs to Impact Margins, Demand Outlook Positive

After a subdued Q3FY22, cement demand witnessed an uptick in the month of Jan’22. While demand in Feb’22 stood a little softer on account of the...

Axis Direct

Star Cement: Encouraging Volume Growth; Higher Costs and Lower Prices Impact Margins

We retain our BUY rating on the stock and value the company at 8x its FY23E EV/EBITDA to arrive at a target price of Rs 105/share, implying an...

Axis Direct

Star Cement: In-Line Operating Performance; New Capacity Ramp-Up to Drive Growth!

The stock is currently trading at 9x FY22E and 7x FY23E EV/EBITDA. We retain our BUY rating on the stock and value the company at 8x its FY23E EV...

Axis Direct

Star Cement: A Challenging Year; Capacity Addition To Drive Future Growth

We retain our BUY rating on the stock and value the company at 8x of its FY23E EV/EBITDA to arrive at a target price of Rs 120/share, implying an...

Axis Direct

Star Cement: EBITDA Miss; New Expansion to Fuel Growth

We retain our BUY rating on the stock and value the company at 8x of its FY23E EV/EBITDA to arrive at a target price of Rs 130/share, implying an...

Axis Direct

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