EBITDA guidance raised; raising target price; Reiterate Buy Novelis reported the historically best quarter, as adj. EBITDA grew 12% YoY to USD302m (7% beat) in 2QFY18, driven by higher volumes and margins. After a long time, beverage can volumes have started growing in North America. Interest cost declined 22% YoY to USD62m on refinancing of debt a few quarters ago. Adj. PAT increased 12x YoY to USD83m. FCF came in strong at USD101m, despite working capital increase on higher LME. Novelis received USD314m from Kobe Steel toward Ulsan JV. Net debt/EBITDA is now at 3.5x....