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>We roll over our estimate to FY24E and value the company at 11x FY24E EV/EBITDA, to arrive at a target price of Rs1945/share. This implies an upside of 9% from the CMP and hence we change our rating from BUY to HOLD.</li>
<li>Dalmia Bharat Limited (DBL) reported flat revenue for Q3fY22 (based on restated financials) YoY. The company registered a volume of 5.7 million tonnes per annum (mntpa) against 5.8 mntpa YoY, implying a volume de-growth of 2%, primarily owing to subdued demand.</li>
<li>Its EBITDA degrew by 40% on account of higher power/fuel cost and lower realization. Power/fuel cost on a per tonne basis was up 36% while realization contracted by 3%YoY. APAT declined by 48% owing to lower realization and higher costs.</li>
<li 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></li>
</ul>


We roll over our estimate to FY24E and value the company at 11x FY24E EV/EBITDA, to arrive at a target price of Rs1945/share. This implies an upside of 9% from the CMP and hence we change our rating from BUY to HOLD.
Dalmia Bharat Limited (DBL) reported flat revenue for Q3fY22 (based on restated financials) YoY. The company registered a volume of 5.7 million tonnes per annum (mntpa) against 5.8 mntpa YoY, implying a volume de-growth of 2%, primarily owing to subdued demand.
Its EBITDA degrew by 40% on account of higher power/fuel cost and lower realization. Power/fuel cost on a per tonne basis was up 36% while realization contracted by 3%YoY. APAT declined by 48% owing to lower realization and higher costs.
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.


Dalmia Bharat: Weak Q3; Higher Realization and Demand Key Monitorables