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Analyst Research Report Snapshot


ACC Ltd. | Q2CY13 Result Update




IndiaNivesh Securities Pvt Ltd


25 Jul 2013





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ACC Ltd. | Q2CY13 Result Update | Numbers ahead of our expectations ACC reported Q2CY13 numbers ahead of our expectations, across both top-line and bottom-line. Valuation: At CMP of Rs 1,194, ACC is trading at CY13E and CY14E, EV/EBITDA multiple of 9.2x and 8.9x, respectively. Alternatively, the stock is trading at CY14E, EV/tonne of $117 (on CY14E installed capacity of ~32 mtpa). Even though the stock is available at attractive valuations, after taking in to account, growth prospects in the current tough times, the stock is not poised for re-rating in the near term. Also, CCI verdict, Ambuja’s proposed re-structuring transaction could put some pressure on the stock, in near term and accordingly, we would advise investors to stay away from the stock.

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