Hindustan Zinc Ltd. share price target

ICICI Securities Ltd | Retail Equity Research According to preliminary data recently compiled by ILZSG, the global market for refined zinc metal was in deficit by 6 KT over the first quarter of 2017 (against the surplus of 3 KT in Q1CY16) with total reported inventories declining by 18 KT over the same period. Refined zinc metal production during the quarter was at 3406 KT against metal usage of 3412 KT, implying the aforementioned deficit. In April 2017, the ILZSG forecast for CY17 suggests the deficit in refined zinc metal market is likely to...

We roll over HZL's target price to FY19 and value the company at 6x EV/EBITDA. Our revised target price stands at Rs 269 (5% downside from CMP of Rs 283) with HOLDrating (due to rollover; SELL earlier).We revise our EPS estimates for FY18/19 to Rs 25/28 (Rs 26/36 earlier) mainly due to reduction i..

Revenue increased by 25.43% to Rs. 6756.15 Cr in Q4FY17 when compared to the previous quarter. Also, it increased by 95.63% when compared with Q4FY16.

Hindustan Zinc (HZ) reported strong numbers (EBITDA: Rs 37.2bn, 2.8x YoY, 33.8% QoQ), driven by higher volumes (refined Zn 37.3% YoY, 2.8% QoQ) and strong pricing (LME Zn up 65% YoY). Zn cost of production remained stable at US$800 levels despite higher coal/met-coke prices, led by higher volumes.

ICICI Securities Ltd | Retail Equity Research For Q4FY17, Hindustan Zinc (HZL) reported a better-than-expected performance on the back of higher-than-expected sales volumes The company reported a gross operating income from operations of | 6756.2 crore. After adjusting for excise duty, net operating income for the quarter was at | 6260.2 crore (up ~99.9% YoY, ~25.7% QoQ, higher than our estimate of | 5778.2 crore). Zinc sales volume for the quarter was at ~217000 tonnes (up 37.3% YoY, 2.8% QoQ, higher...

Revenue came in at Rs67.6 bn (+116%/+26% YoY/QoQ) driven by higher LME and volume. LME for Zinc stood at US$ 2773(+65%/+10% YoY/QoQ) & Lead at US$ 2269 (+30%/+6% YoY/QoQ) whereas volume surged by 37% and 15% YoY respectively for zinc and lead EBITDA stood at Rs 37.5 bn (+187%/+35% YoY/QoQ) due to operating leverage and higher...

Q3FY17 EBITDA at Rs 28 bn (up 88% YoY) was below our estimate due to lower volume. The YoY improvement in performance was mainly due to (1) ramp-up in production from Rampura Agucha open cast mine as per the mine plan; (2) higher LME prices; and (3) depreciation of rupee.

Revenue increased by 42.55% to Rs. 4943.89 Cr in Q3FY17 when compared to the previous quarter. Also, it rose by 46.04% when compared with Q3FY16.

Hindustan Zinc (HZ) reported a beat (revenues 8.2%, EBITDA 3.2% vs estimates), driven by higher volumes (refined Zn 5.5% vs estimates, 3.4% YoY, 41.6% QoQ), somewhat offset by higher costs. Cost of production of zinc (zn) was higher by ~US$50 QoQ (US$861/t, 8.3% YoY) due to a one-time charge in the ore-to-waste ratio norm over life of mine and additional excavation in Rampura Agucha O/C.

ICICI Securities Ltd | Retail Equity Research Hindustan Zinc (HZL) reported a broadly in line performance for Q3FY17 wherein the topline was marginally higher than our estimates while PAT came in broadly in line with our estimate The company reported a gross operating income of | 5384.0 crore. After adjusting for excise duty, net operating income for the quarter was at | 4979.9 crore (up 45.2% YoY, 41.2% QoQ, marginally higher than our estimate of | 4852.8 crore). Zinc sales volume for the quarter...