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. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Heidelberg Cement India / Equity Bottom-Up

<p>The stock is currently trading at 9.8x FY22E and 8x FY23E EV/EBITDA. We value the company at 8x FY23 EV/EBITDA to arrive at TP of Rs 265/share, implying an upside of 2% from the current level and change our rating from BUY to HOLD.</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 9.8x FY22E and 8x FY23E EV/EBITDA. We value the company at 8x FY23 EV/EBITDA to arrive at TP of Rs 265/share, implying an upside of 2% from the current level and change our rating from BUY to HOLD.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.

Heidelberg Cement: In-Line Operating Performance; Price Recovery a Key Monitorable