ACC - Better Show Continues In Q4, Valuation Attractive: Dolat Capital 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Dolat Capital Report

ACC Ltd. reported revenue and volume in line, however Ebitda, Ebitda/tonne and adjusted profit after tax below estimates.

The company posted 2.1%/ 5.7%/ 45.3% YoY growth in revenue/ Ebitda/ adjusted PAT to Rs 41.4 billion/ Rs 5.7 billion/ Rs 3.9 billion in Q4 CY20 led by 5.0% YoY realization growth (down 3.5% QoQ) which was partially offset by 0.6% YoY (up 18.8% QoQ) volume de-growth.

We expect 14.2%/19.0%/18.3% revenue/Ebitda/APAT compound annual growth rate over CY20-22E led by 15.2%/9.1% volume growth and 0.8%/ 1.0% cement realization growth in CY21E/CY22E.

We broadly maintain our CY21E/CY22E estimates considering Q4 CY20 results.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.