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)

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.

Equity Bottom-Up

<ul><li>Valuation &amp; Recommendation: We continue to value the company using SoTP with a 12MF EV/EBITDA target of 6.0x/5.0x/6.0x FY26 EBITDA for Indian Aluminium, Copper, and Novelis operations respectively (from 6.0x/5.0x/5.5x; we raise Novelis multiple in response to strong Q4 results).</li><li>We add investments at market price and CWIP at 50% to arrive at our TP of Rs 720/share (from Rs 660).</li><li>Our TP implies an upside potential of 13% from the CMP. </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>

Valuation &amp; Recommendation: We continue to value the company using SoTP with a 12MF EV/EBITDA target of 6.0x/5.0x/6.0x FY26 EBITDA for Indian Aluminium, Copper, and Novelis operations respectively (from 6.0x/5.0x/5.5x; we raise Novelis multiple in response to strong Q4 results).We add investments at market price and CWIP at 50% to arrive at our TP of Rs 720/share (from Rs 660).Our TP implies an upside potential of 13% 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.

Hindalco Industries Ltd - Novelis Q4FY24: Delivers Robust EBITDA/T