Ambuja Cement (ACEM) Q3CY20 EBITDA was 30% / 14% higher than our and consensus estimate driven by the better than forecasted volume. Despite exposure to West region, ACEM volume increased by 8% YoY vs our estimate of -10% YoY. Volume growth is led by market share gain, as industry has witnessed decline for the same period. We have factored this in our CY20/CY21 estimate, which led to increase in the EBITDA by 12%/11% (exhibit 10). Consequently, TP is revised to Rs245 (earlier Rs205, exhibit 11) on unchanged EV/EBITDA valuation of 11x (which is average EV/EBITDA of last 10 years). ACEM has approved an interim dividend of Rs17 (implying yield of 7%), we see...