Grey cement business at significant discount to peers JKCE's grey cement capacity of 10.5mt is available at 64-34% discount to peers, if we value the white cement business at 14-10x FY19E EV/EBITDA. While ~30% of JKCE's grey cement capacity is inefficient due to legacy designing issues and old plants, the management has been successful in diversifying to efficient assets by way of a new unit in Mangrol and split grinding unit in Haryana. In our view, despite its inefficient assets, the steep 34-64% discount is not warranted, as the residual assets are earning good profitability for the segment....