External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We use EV/EBITDA to value downstream at March-23E EV/e, retail on peer benchmarked EV/e and E&amp;P, Jio on DCF. The stock is currently trading at 10.9x March-23E EV/EBITDA and 21.0x March-23E EPS. Maintain ADD.</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 use EV/EBITDA to value downstream at March-23E EV/e, retail on peer benchmarked EV/e and E&amp;P, Jio on DCF. The stock is currently trading at 10.9x March-23E EV/EBITDA and 21.0x March-23E EPS. Maintain ADD.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.

Reliance Industries (Update): AGM takeaways. Maintain ADD