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

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Shree Cement (SRCM)'s 1QFY22 result was in-line, with EBITDA up 45% YoY as higher realization was offset by disappointment on cost, leading to weaker EBITDA/t of INR1,482 (v/s our est. of INR1,552/t). Volume growth at 39% YoY, weighed by lower clinker sales, was also weaker v/s peers. We broadly maintain our FY22E/FY23E estimates and expect a 13%/13% volume/EBITDA CAGR over FY2123E. We maintain Neutral as the valuation (18x FY23E EV/EBITDA) prices in earnings growth....</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>

Shree Cement (SRCM)'s 1QFY22 result was in-line, with EBITDA up 45% YoY as higher realization was offset by disappointment on cost, leading to weaker EBITDA/t of INR1,482 (v/s our est. of INR1,552/t). Volume growth at 39% YoY, weighed by lower clinker sales, was also weaker v/s peers. We broadly maintain our FY22E/FY23E estimates and expect a 13%/13% volume/EBITDA CAGR over FY2123E. We maintain Neutral as the valuation (18x FY23E EV/EBITDA) prices in earnings growth....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.

EBITDA in-line; lags peers in volume growth