Dalmia Bharat Ltd.(Old) share price target and research reports

Name: Latest research reports of Dalmia Bharat Ltd.(Old) authored by Geojit BNP Paribas and published by - Trendlyne research reports.
Item: Dalmia Bharat Ltd.(Old)
Rating: 5
Author: Geojit BNP Paribas

Latest analyst research reports with target prices and PDF download for DALMIABHA, BSE:533309 Dalmia Bharat Ltd.(Old)

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Dalmia Bharat Ltd.(Old)

17 Feb 2020

DALMIA BHARAT LIMITED

Buy: Dalmia Bharat Ltd.(Old)

Geojit BNP Paribas

We maintain Buy rating with a new Target of Rs985. Q3FY20 revenue grew by 11.7%YoY supported by 14%YoY growth in volumes but blended realisation declined by ~2%YoY. EBITDA per ton improved to Rs896 Vs Rs850 YoY supported by volume growth and reduction in costs. Total expenses per Ton declined by 3.7% YoY (2.4%QoQ). For the recent acquisition (Kalyanpur cement-1.1MT), capacity utilisation has improved to 65%, expects to improve further in FY21....

Dalmia Bharat Ltd.(Old)

01 Feb 2020

Dalmia Bharat Sugar

Buy: Dalmia Bharat Ltd.(Old)

ICICI Securities Limited

Inventory liquidation to perk up cash flows Considering the company is holding large sugar inventory, monthly sales quota for the company's three UP based mills would be much higher in the next six months. With almost 1 lakh tonnes of exports, higher monthly quota and significant sugar sacrifice through diversion towards B heavy molasses, the company would be liquidating its excess sugar inventories in the next two quarters at higher domestic sugar prices. We expect more than | 350 crore of cash flow from operation by the end of FY20E. The company has...

Dalmia Bharat Ltd.(Old)

24 Oct 2019

DALMIA BHARAT LIMITED

Buy: Dalmia Bharat Ltd.(Old)

Geojit BNP Paribas

Q2FY20 revenue grew by 6.5%YoY supported by 8%YoY growth in volumes but blended realisation declined by 1.6%YoY. EBITDA per ton improved to Rs1,063 Vs Rs944 YoY supported by volume growth and reduction in costs. Total expenses per Ton declined by 4.8% YoY (4.2%QoQ). The recent acquisition (Kalyanpur cement-1.1MT) saw a capacity utilisation of 50% in Q2FY20, expects to improve to ~70% by Q4FY20. Expansion of ~7.8MT in East is on track. Clinker capacity of 3.1MT and...

Dalmia Bharat Ltd.(Old)

21 Oct 2019

EBITDA in line, capacity expansion on track

Buy: Dalmia Bharat Ltd.(Old)

Motilal Oswal

21 October 2019 2QFY20 cement volumes were up 8% YoY to 4.47mt while blended realizations were down 1.6% YoY (-10% QoQ) to INR5,002/t, led by weak pricing in the South/East. Revenue grew 7% YoY to INR22.3b. EBITDA stood at INR4.7b (in line with est.) with margin at 21% (+2.6pp YoY; -5pp QoQ). Company has changed the method of depreciation in its north-eastern capacities from straight line to written- down value method from 1 Jul19. As a result, depreciation charge for 2QFY20/1HFY20 is higher by INR670m/INR840m and deferred tax credit for 2QFY20 and 1HFY20 is higher by INR290m due to higher reversal of depreciation during the tax holiday period. Adj. PAT after minority interest stood at INR 270m v/s INR10m in 2QFY19. Slag prices for the quarter stood at INR1,180/t in 1QFY20 and INR1,385/t in 2QFY19.

Dalmia Bharat Ltd.(Old)

05 Aug 2019, 06:06AM

Dalmia Bharat (1QFY20): Superlative performance. Maintain BUY

Buy: Dalmia Bharat Ltd.(Old)

HDFC Securities

We retain BUY on Dalmia Bharat with a TP of Rs 1,470 (12x FY21 consolidated EBITDA). We continue to like Dalmia for its high op margin (of Rs 1,000/MT+ on strong cost controls), expanding regional presence (all India ex-north) and fast growth at prudent cost (capex < USD 70/MT). We value Dalmia at 12x its FY21E consolidated EBITDA (implied EV of USD 143/MT). The stock trades at attractive valuations of 8.3x FY21E EBIITDA and at EV of USD 99/MT.

Dalmia Bharat Ltd.(Old)

05 Aug 2019

DALMIA BHARAT LIMITED

Accumulate: Dalmia Bharat Ltd.(Old)

Geojit BNP Paribas

Q1FY20 revenue grew by 8%YoY supported by 7.8%YoY growth in blended realisation while volume growth was flat due to election. EBITDA per ton improved to Rs1,464 Vs Rs1,160 YoY supported by better realisation and reduction in costs. Raw material, fuel and freight costs have softened during the quarter. DBL has received NCLT approval for its Resolution Plan for the acquisition of Murli Industries (3.1MT in Maharashtra). The recent acquisition (Kalyanpur cement-1.1MT) saw a capacity utilisation of 45% in Q1FY20. Expansion of ~7.8MT in East is on track. 50% of grinding capacity is...

Dalmia Bharat Ltd.(Old)

14 May 2019

Dalmia Bharat (4QFY19): Superior profitability continues. Maintain BUY

Buy: Dalmia Bharat Ltd.(Old)

HDFC Securities

We like Dalmia for its high op margin (of Rs 1,000/MT+ on strong cost control), expanding regional presence (all India ex northern region) and fast growth at prudent cost (from 25mn MT in FY18 to 37mn MT in FY22E at capex rate of below USD 70/MT). We value Dalmia at 12x FY21 consolidated EBITDA (implied EV of USD 138/MT). We recommend BUY on Dalmia Bharat with a TP of Rs 1,450 (12x FY21 consolidated EBITDA). In 4QFY19, Dalmia sustained its superior margin (EBITDA at Rs 1,092/MT, despite high energy costs and lower incentives YoY). The co also continued to pare off debt, despite large capex.

Dalmia Bharat Ltd.(Old)

14 May 2019

DALMIA BHARAT LIMITED

Accumulate: Dalmia Bharat Ltd.(Old)

Geojit BNP Paribas

Steady volume growth with recovery in margins Dalmia Bharat Ltd (DBL) is the fourth largest cement company in India with a capacity of ~26.1MT, focusing in South with 13.2MT and East &...

Dalmia Bharat Ltd.(Old)

15 Nov 2018

DALMIA BHARAT LIMITED

Accumulate: Dalmia Bharat Ltd.(Old)

Target

Geojit BNP Paribas

Revenue grew by 17.5%YoY aided by healthy volume growth of 13.5% YoY. EBITDA de-grew by 11.7%YoY due to surge in raw material and power & fuel expenses, EBITDA margin declined by 600bps YoY to 18%. We reduce EBITDA margin by 200bps/60bps for FY19E/20E. Pet coke prices has declined to US$96 in October from US$103 in Q2FY19. The recent acquisition, Kalyanpur cement (1.1MT) started clinker production in Q2FY19 and grinding is likely to start from Q3FY19. DBL has completed the scheme of arrangement & amalgamation with OCL...