Hindustan Zinc (HZ)'s 3QFY21 results were strong, as expected, with EBITDA up 43% YoY on higher volumes and prices. While silver business remained strong with EBIT of INR10.1b (37% of total), zinc realized premiums recovered to pre-COVID levels as the share of domestic volumes improved in 3Q. As major projects near completion, we expect 9% CAGR in HZ volumes over FY21-23E, driving an 18% CAGR in EBITDA. However, we believe this growth is factored in the current valuation and hence we rate it Neutral....