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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Equity Bottom-Up

<ul><li>Power costs eased in Q3FY23: Power and fuel costs eased QoQ on account of a drop in coal prices.</li><li>Going forward, we expect power costs to decline further in Q4FY23 QoQ.</li><li>However, with the onset of summer in Q1FY24, the domestic coal supply concerns could put pressure on margins again.</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>

Power costs eased in Q3FY23: Power and fuel costs eased QoQ on account of a drop in coal prices.Going forward, we expect power costs to decline further in Q4FY23 QoQ.However, with the onset of summer in Q1FY24, the domestic coal supply concerns could put pressure on margins again.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.

Nalco - Power Costs Eases; More Headwinds than Tailwinds Ahead

<div><div><div><div><ul><li>NALCO Q2FY23 numbers disappointed on the EBITDA front. Consolidated Revenue beat our estimate by 7% (down 3%/8% YoY/QoQ).</li><li>LME Aluminium prices declined by 11%/18% YoY/QoQ in Q2FY23.</li><li>EBITDA came down significantly by 70%/62% YoY/QoQ and missed our estimate by 17% despite the topline beating our estimate, led by inflation across RM, power &amp; fuel and other expenses, all-surpassing our estimates.</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></div></div></div></div>

NALCO Q2FY23 numbers disappointed on the EBITDA front. Consolidated Revenue beat our estimate by 7% (down 3%/8% YoY/QoQ).LME Aluminium prices declined by 11%/18% YoY/QoQ in Q2FY23.EBITDA came down significantly by 70%/62% YoY/QoQ and missed our estimate by 17% despite the topline beating our estimate, led by inflation across RM, power &amp; fuel and other expenses, all-surpassing our estimates.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.

Nalco - High Power Costs Dents Performance; Maintain HOLD

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</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>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

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.

<ul><li>We initiate coverage with a BUY rating and value the company at 5.5x FY24 EBITDA and 0.5x book value of CWIP to arrive at the target price of Rs 150/share, implying an upside potential of 28% from the current levels.</li><li>Nalco is the only pure equity play on Aluminium and Alumina commodities in India</li><li>Aluminium is expected to remain in a deficit a second consecutive time in CY22 supporting higher prices</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>

We initiate coverage with a BUY rating and value the company at 5.5x FY24 EBITDA and 0.5x book value of CWIP to arrive at the target price of Rs 150/share, implying an upside potential of 28% from the current levels.Nalco is the only pure equity play on Aluminium and Alumina commodities in IndiaAluminium is expected to remain in a deficit a second consecutive time in CY22 supporting higher pricesContent 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.

National Aluminium: Well Placed to Benefit from the Strong Aluminum Prices

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>Revenue / EBITDA / Adj. PAT was up 19%/118%/162% QoQ to INR28.2b/INR9.4b/INR6.3b (+3%/49%/63% v/s our estimate). The beat on EBITDA was led by better-than-expected costs, partly owing to the reversal of renewals purchase obligations as per the notification issued by Odisha Electricity Regulatory Commission booked under other...</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>

Revenue / EBITDA / Adj. PAT was up 19%/118%/162% QoQ to INR28.2b/INR9.4b/INR6.3b (+3%/49%/63% v/s our estimate). The beat on EBITDA was led by better-than-expected costs, partly owing to the reversal of renewals purchase obligations as per the notification issued by Odisha Electricity Regulatory Commission booked under other...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.

India

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

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National Aluminium (NACL IN)

Nalco - Power Costs Eases; More Headwinds than Tailwinds Ahead

Power costs eased in Q3FY23: Power and fuel costs eased QoQ on account of a drop in coal prices. Going forward, we expect power costs to decline...

Axis Direct

Nalco - High Power Costs Dents Performance; Maintain HOLD

NALCO Q2FY23 numbers disappointed on the EBITDA front. Consolidated Revenue beat our estimate by 7% (down 3%/8% YoY/QoQ).

Axis Direct

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

National Aluminium: Well Placed to Benefit from the Strong Aluminum Prices

We initiate coverage with a BUY rating and value the company at 5.5x FY24 EBITDA and 0.5x book value of CWIP to arrive at the target price of Rs...

Axis Direct

Beneficiary of higher aluminum prices

Revenue / EBITDA / Adj. PAT was up 19%/118%/162% QoQ to INR28.2b/INR9.4b/INR6.3b (+3%/49%/63% v/s our estimate). The beat on EBITDA was led by...

Motilal Oswal

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