Dalmia Bharat Ltd. share price target

Barring near-term uncertainty, demand outlook is positive in the longterm, given GoI's strong focus on infra & housing. Currently DBL trades at 1Yr Fwd EV/EBITDA of 12.5x, we value at 12x FY23E EV/EBITDA. Volumes growth on a low base and strong realisation maintains DBL reported revenue growth of 31%YoY mainly aided by strong volume growth of 34%YoY supported by low base (-20% in Q1FY21) and strong realisation (+4% YoY), but de-grew by 21%QoQ impacted by second wave. The ongoing capacity expansion and the ramp up in recent acquisitions will support future volume growth. Out of the ~8MT ongoing expansion, 3.2MT has already been completed, 2.2MT by next month...

We maintain our BUY rating on the stock, valuing the company at 13x FY23E EV/EBITDA, to arrive at a target price of Rs 2,370/share, implying an upside of 10% from the CMP.

North and central India to reach 60mnt mark by 2025. Dalmia Bharat (DALBHARA) reported Q1FY22 EBITDA in line with our expectations. Led by 34% volume growth, EBITDA grew 14% YoY (down 8%) to Rs7.0bn (PLe:Rs7.0bn). We increase our EBITDA estimates for...

We maintain our BUY rating on the stock valuing the Company at 9.5x of FY23E EV/EBITDA to arrive at a target price of Rs.1800/ share implying an upside of 19% from the CMP.

DBL reported revenue growth of 32%YoY mainly aided by strong volume growth of 24%YoY partially supported by low base (volume growth -7% in Q4FY20) and 6.4% YoY growth in realisation. For FY21, DBL's volume growth was 7%YoY against 10-14% de-growth in industry volumes indicating market share gains. The ongoing capacity expansion and the ramp up in recent acquisitions will support future volume growth. Out of the 8MT ongoing expansion, 3.35MT has already completed and balance within 12-24 months. The company has improved its sales mix with improvement in trade sales and premium products which supports realisation. We factor revenue growth of...

Delayed announcements of new expansion projects due to covid-19. Dalmia Bharat (DALBHARA) reported Q4FY21 EBITDA above our/consensus estimates (CE) by 8%/6%. Stronger than expected realisations drove the beat,...

Demand outlook is positive given GoI's strong focus on infra & housing in the Union budget. We value DBL at 10x FY23E EV/EBITDA. Strong volumes amidst challenges DBL reported revenue growth of 18%YoY mainly aided by volume growth of 14%YoY (better than industry) on the back of demand from rural and pick up in government infra and low cost housing projects. Demand in the East region continued while demand revival were visible in South region also. Blended realisation grew by ~5% YoY. The ongoing capacity expansion and the ramp up in recent acquisitions will...

We maintain our BUY rating on the stock and revise our target price from Rs.1083 to Rs.1400 valuing the Company at 8x (earlier 7x) of FY22E EV/EBITDA , an upside of 13% from the current level.

We expect market share gains to continue, supported by ~30% capacity expansion over the next one year. DBL has announced a doubling of capacity in three years to 56mtpa. We await further clarity on the same (expect it to be brownfield and focused in the South and Northeast). We have raised our FY21E/FY22E EPS by 4% each on higher volumes. Reiterate Buy....

estimates and above consensus estimates (CE) by 4%. Performance stands out given its high exposure to highly price competitive East region (45% of its volumes) currently at near 7-year low....