External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>The stock is currently trading at 5.7x and 4.5x FY22E and FY23E EV/EBITDA and EV/tonne of $66 and $55 FY22E and FY23E. We retain our BUY rating on the stock with a target price of Rs 205/share, valuing the company at 5.5x of its FY23E EV/EBITDA implying an upside of 23% 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 5.7x and 4.5x FY22E and FY23E EV/EBITDA and EV/tonne of $66 and $55 FY22E and FY23E. We retain our BUY rating on the stock with a target price of Rs 205/share, valuing the company at 5.5x of its FY23E EV/EBITDA implying an upside of 23% 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.

Orient Cement: Strong Performance Backed by Higher Volume and Realization

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily Dabur: Daburs Q1 performance was inspiring with a beat in revenue, volume and EBITDA. Revenue growth was at 32% YoY (HSIE 22%), 2-year CAGR at 7%. Domestic revenue/volume growth were at 35/34% YoY, 2-year CAGR at 12/10% vs. Britannias 12/13%, Nestles 8/6%, Maricos 7/2%, Colgates 4/0%, Emamis 3/2% and HULs 2/0%. Daburs healthcare/HPC/F&amp;B; grew 30/26/80% YoY (vs. +29/-15/-34% in Q1FY21 and +23/+33/+28% in Q4FY21). The international business saw continued recovery, growing 29% YoY.</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>

HSIE Results Daily Dabur: Daburs Q1 performance was inspiring with a beat in revenue, volume and EBITDA. Revenue growth was at 32% YoY (HSIE 22%), 2-year CAGR at 7%. Domestic revenue/volume growth were at 35/34% YoY, 2-year CAGR at 12/10% vs. Britannias 12/13%, Nestles 8/6%, Maricos 7/2%, Colgates 4/0%, Emamis 3/2% and HULs 2/0%. Daburs healthcare/HPC/F&amp;B; grew 30/26/80% YoY (vs. +29/-15/-34% in Q1FY21 and +23/+33/+28% in Q4FY21). The international business saw continued recovery, growing 29% YoY.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.

HSIE Results Daily: Dabur, Godrej Properties, Alkyl Amines and More

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

ICICI Securities Limited

<p>About the stock: Orient Cement is a mid-sized (8.0 MT) cost-efficient player in cement space. Its cement plants are in Devapur, Telangana (3 MT integrated), Chittapur, Karnataka (3 MT integrated), Jalgaon, Maharashtra (2 MT grinding unit)....</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>

About the stock: Orient Cement is a mid-sized (8.0 MT) cost-efficient player in cement space. Its cement plants are in Devapur, Telangana (3 MT integrated), Chittapur, Karnataka (3 MT integrated), Jalgaon, Maharashtra (2 MT grinding unit)....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.

Orient Cement: Healthy Margins Maintained

<h2>Summary</h2>
<ul>
<li>Orient Cement (OCL) substantially reduced its net debt position through superior monitoring of the cost drivers along with maximizing cash generation. The company’s net debt/equity stood at 0.6x as of 31st March 2021 against 1.0x in FY20.</li>
<li>The company continues to strengthen its market reach and focus on the sale of premium products.</li>
<li>Capacity expansion (From 8 mntpa to 11.5 mntpa) is on track enabling the company to sustain its growth in the existing as well as in new markets.</li>
</ul>
<p>We value OCL at 5.5x FY23E EV/EBITDA and assign a BUY rating to the stock.</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>

Summary

Orient Cement (OCL) substantially reduced its net debt position through superior monitoring of the cost drivers along with maximizing cash generation. The company’s net debt/equity stood at 0.6x as of 31st March 2021 against 1.0x in FY20.
The company continues to strengthen its market reach and focus on the sale of premium products.
Capacity expansion (From 8 mntpa to 11.5 mntpa) is on track enabling the company to sustain its growth in the existing as well as in new markets.

We value OCL at 5.5x FY23E EV/EBITDA and assign a BUY rating to the stock.
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.

Orient Cement: Cost Leadership, Capacity Expansion, and Higher Utilization To Lead Growth

<p>We initiate coverage on the stock with a BUY rating and value the company at 5.5xFY23E EV/EBITDA to arrive at a target price of Rs 180/share, implying an upside of 35% from the 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 initiate coverage on the stock with a BUY rating and value the company at 5.5xFY23E EV/EBITDA to arrive at a target price of Rs 180/share, implying an upside of 35% 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.

India

Orient Cement Limited manufactures and distributes cement.

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Orient Cement (ORCMNT IN)

Orient Cement: Strong Performance Backed by Higher Volume and Realization

The stock is currently trading at 5.7x and 4.5x FY22E and FY23E EV/EBITDA and EV/tonne of $66 and $55 FY22E and FY23E. We retain our BUY rating on...

Axis Direct

HSIE Results Daily: Dabur, Godrej Properties, Alkyl Amines and More

Dabur: Daburs Q1 performance was inspiring with a beat in revenue, volume and EBITDA. Revenue growth was at 32% YoY (HSIE 22%), 2-year CAGR at 7%....

HDFC Securities

Orient Cement: Healthy Margins Maintained

About the stock: Orient Cement is a mid-sized (8.0 MT) cost-efficient player in cement space. Its cement plants are in Devapur, Telangana (3 MT...

ICICI Securities Limited

Orient Cement: Cost Leadership, Capacity Expansion, and Higher Utilization To Lead Growth

Orient Cement (OCL) substantially reduced its net debt position through superior monitoring of the cost drivers along with maximizing cash generation.

Axis Direct

Initiating Coverage:Orient Cement

We initiate coverage on the stock with a BUY rating and value the company at 5.5xFY23E EV/EBITDA to arrive at a target price of Rs 180/share,...

Axis Direct

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