External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We maintain a Buy on UltraTech with a revised PT of Rs. 13,000, considering long-term growth potential led by structural demand drivers.</li><li>The company makes financial investment in India Cements acquiring ~23% stake for Rs. 1885 crore, valuing India Cements at ~$90/tonne.</li><li>Further, stake acquisition could not be ruled out at this stage. </li></ul>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.

We maintain a Buy on UltraTech with a revised PT of Rs. 13,000, considering long-term growth potential led by structural demand drivers.The company makes financial investment in India Cements acquiring ~23% stake for Rs. 1885 crore, valuing India Cements at ~$90/tonne.Further, stake acquisition could not be ruled out at this stage. 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.

UltraTech Cement Ltd - Strategic Move to Secure Regional & Pan-India Leadership

<ul><li>Sharekhan's research report onUltraTech Cement The company reported strong standalone operational beat for Q4FY2024, aided by higher than expected volume growth and lower opex per tonne.</li><li>It is poised to outpace industry demand growth rates during FY2025 while opex cost curve is expected to tread lower over the next three years.</li><li>Capacity expansion plans remain on track to achieve almost 200 mtpa global capacities by FY2027 end.</li></ul>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.

Sharekhan's research report onUltraTech Cement The company reported strong standalone operational beat for Q4FY2024, aided by higher than expected volume growth and lower opex per tonne.It is poised to outpace industry demand growth rates during FY2025 while opex cost curve is expected to tread lower over the next three years.Capacity expansion plans remain on track to achieve almost 200 mtpa global capacities by FY2027 end.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.

UltraTech Cement Ltd - Strong Q4; Focus Stays on Profitable Growth

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Prabhudas Lilladher's research report onUltratech Cement Ultratech Cement (UTCEM) reported strong operating performance in 4Q, led by 11% YoY volume growth.</li><li>EBITDA per ton of Rs1,185 was higher than PLe of Rs1,007/t led by lower P&amp;F and other expenses.</li><li>UTCEM expects some moderation in industry demand in FY25 and expects industry to witness high single digit growth led by an improved momentum in private sector housing.</li></ul>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.

Prabhudas Lilladher's research report onUltratech Cement Ultratech Cement (UTCEM) reported strong operating performance in 4Q, led by 11% YoY volume growth.EBITDA per ton of Rs1,185 was higher than PLe of Rs1,007/t led by lower P&amp;F and other expenses.UTCEM expects some moderation in industry demand in FY25 and expects industry to witness high single digit growth led by an improved momentum in private sector housing.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.

Ultratech Cement - Strong Operating Leverage Drives EBITDA

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

ICICI Securities Limited

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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ICICI Securities research report onUltraTech Cement UltraTech Cement’s (UTCEM) exemplary performance in Q4FY24 highlights the virtues of operating leverage – as sales volumes accelerated 11% YoY/28% QoQ (vs 7-8% YoY industry growth).</li><li>While realisation was the obvious casualty (down 6% QoQ), better fixed costs apportioning kicked in ~INR 250/t tailwind (on QoQ basis), driving 15% EBITDA beat.</li><li>That said, the overhang of the underlying weakness in cement prices (and its uncertain outlook) is compelling us to prune FY25E EBITDA by ~9%.</li></ul>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.

ICICI Securities research report onUltraTech Cement UltraTech Cement’s (UTCEM) exemplary performance in Q4FY24 highlights the virtues of operating leverage – as sales volumes accelerated 11% YoY/28% QoQ (vs 7-8% YoY industry growth).While realisation was the obvious casualty (down 6% QoQ), better fixed costs apportioning kicked in ~INR 250/t tailwind (on QoQ basis), driving 15% EBITDA beat.That said, the overhang of the underlying weakness in cement prices (and its uncertain outlook) is compelling us to prune FY25E EBITDA by ~9%.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.

UltraTech Cement - Virtues of Operating Leverage

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 10%/10%/22%/31% CAGR over FY23-FY26E.</li><li>This will be driven by the robust demand, improvement in prices, upcoming new capacity, ramping up of recently commissioned capacity, benefit of lower commodity prices, higher blending ratio, and increasing share of green energy.</li><li>The stock is currently trading at 18x and 15x FY25E/FY26E EV/EBITDA.</li></ul>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.

Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 10%/10%/22%/31% CAGR over FY23-FY26E.This will be driven by the robust demand, improvement in prices, upcoming new capacity, ramping up of recently commissioned capacity, benefit of lower commodity prices, higher blending ratio, and increasing share of green energy.The stock is currently trading at 18x and 15x FY25E/FY26E EV/EBITDA.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.

UltraTech Cement Limited - EBITDA Margin Expansion Led By Lower Cost

India

Grasim Industries Limited is a diversified operating company and part of the Aditya Birla group. The group manufactures a wide range of products, including Viscose Staple Fiber(VSF), cement, chemicals and textiles.

Shree Cement Ltd. manufactures cement and cement products. The Company sells its products primarily in Northern India under its own brand names.

Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

Century Textiles and Industries Ltd. manufactures cement, cotton textiles and cotton yarn. The Company manufactures denim, shirts, suits, fabrics and dress materials, bed linens, home furnishings, viscose filament yarn, viscose tire yarn, caustic soda, sulphuric acid, liquid chlorine, hydrochloric acid, writing and printing papers, packaging board, and rayon and wood-based pulp.

JK Cement Limited produces and manufactures Portland and White cement products.

The Ramco Cements Limited manufactures cement, ready mix concrete and dry mix products.  The Company also exports  cement and owns and operates a private sector wind mill power generating farm.

India Cements Limited manufactures different varieties of cement and clinker. The Company also manufactures and exports textiles.

Orient Refractories Ltd. fabricates metal products.  The Company manufactures slide gate plates, nozzles and well blocks, tundish nozzles, bottom purging refractories and top purging lances, slag arresting darts, basic spray mass for tundish working lining, and castables.

Anhui Conch Cement Company Limited manufactures cement products. The Company produces silicate cements, slag silicate cements, composite silicate cements, cement clinkers, and other products. Anhui Conch Cement Cement markets its products throughout China and worldwide.

Vulcan Materials Company produces construction aggregates.  The Company principal product lines are aggregates, asphalt mix and concrete, and cement.

Martin Marietta Materials, Inc. produces aggregates for the construction industry, including highways, infrastructure, commercial, and residential. The Company also manufactures and markets magnesia-based products, including heat-resistant refractory products for the steel industry, chemical products for industrial and environmental uses, and dolomitic lime.

James Hardie Industries Plc manufactures building products for new home construction and remodeling.  The Company's products include fiber cement siding, backerboard, and pipe. James Hardie Industries operates in the United States, Australia and New Zealand.

Heidelberg Materials AG produces and markets building materials and solutions. The Company offers cement, aggregates, and ready-mixed concrete. Heidelberg Materials serves customers worldwide.

CRH PLC is a global building materials group. The Company manufactures and distributes a range of construction products such as heavy materials, elements to construct the frame and value-added exterior products. CRH products serve a wide customer base in the areas of residential, non-residential and infrastructure.

Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

Holcim Ltd. provides building materials. The Company produces ready-mixed concrete, cement, clinker, aggregates, green mobility, and building solutions. Holcim serves clients worldwide.

CRH Public Limited Company provides building materials. The Company manufactures and distributes a wide range of architectural, infrastructure, and construction products for infrastructure, housing, and commercial projects. CRH serves customers Worldwide.

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

UltraTech Cement Ltd - Strategic Move to Secure Regional & Pan-India Leadership

We maintain a Buy on UltraTech with a revised PT of Rs. 13,000, considering long-term growth potential led by structural demand drivers.

Sharekhan

UltraTech Cement Ltd - Strong Q4; Focus Stays on Profitable Growth

Sharekhan's research report onUltraTech Cement The company reported strong standalone operational beat for Q4FY2024, aided by higher than expected...

Sharekhan

Ultratech Cement - Strong Operating Leverage Drives EBITDA

Prabhudas Lilladher's research report onUltratech Cement Ultratech Cement (UTCEM) reported strong operating performance in 4Q, led by 11% YoY...

Prabhudas Lilladhar

UltraTech Cement - Virtues of Operating Leverage

While realisation was the obvious casualty (down 6% QoQ), better fixed costs apportioning kicked in ~INR 250/t tailwind (on QoQ basis), driving 15%...

ICICI Securities Limited

UltraTech Cement Limited - EBITDA Margin Expansion Led By Lower Cost

Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 10%/10%/22%/31% CAGR over FY23-FY26E.

Axis Direct

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