Ambuja Cement (ACEM) Q4CY20 EBITDA was 8% higher than our estimate. Beat is driven by the volume growth of 7% YoY. Post the result, we have increased volume growth expectations for ACEM (exhibit 10). This has increased EBITDA estimate by 2%/6% for CY21/22E. We have increased EV/EBITDA valuation to value ACEM to 12x (11x earlier) and led by special dividend in CY20, net cash has reduced in SOTP based valuation. TP is revised up to Rs269 (earlier Rs245). ACEM plans to increase its cement capacity by 6% and clinker capacity by 17% in CY21. And has extended MSA program with ACC for period of 3 years and is targeting reducing the cost by Rs200/t. Stock at...