251.80 -4.05 (-1.58%)
NSEOct 28, 2020 03:31 PM
The 29 reports from 10 analysts offering long term price targets for Ambuja Cements Ltd. have an average target of 237.00. The consensus estimate represents a downside of -5.88% from the last price of 251.80.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-10-26||Ambuja Cements Ltd.||Arihant Capital||245.05||262.00||245.05 (2.75%)||4.05||Hold|
Ambuja Cement has reported good set of numbers during Q3CY20 with strong volume growth and margin beat. Company has posted a volume growth of 8% YoY//35% QoQ in 3QCY20, owing to pent-up demand and strong recovery in rural market. Revenue for the quarter grew by 9% YoY/31% QoQ, driven by strong volume growth and better pricing. EBITDA during the quarter grew by 55% YoY/14% QoQ to Rs 680 cr, largely due to tight control over fixed cost. EBITDA margin improved sharply to 23.9% during the quarter from 16.8% in Q3CY19. Profit for the...
|2020-10-24||Ambuja Cements Ltd.||ICICI Securities Limited||247.40||265.00||247.40 (1.78%)||5.24||Hold|
|2020-10-23||Ambuja Cements Ltd.||Prabhudas Lilladhar||245.05||285.00||245.05 (2.75%)||13.19||Buy|
Ambuja Cement (ACEM) delivered strong set of Q3CY20 earnings with 17%/14% beat on our/consensus EBITDA estimates. The beat was primarily driven by steeper than expected reduction in costs. Factoring in lower costs...
|2020-10-23||Ambuja Cements Ltd.||Nirmal Bang Institutional||247.40||265.00||247.40 (1.78%)||5.24||Accumulate|
|2020-10-23||Ambuja Cements Ltd.||Dolat Capital||247.40||257.00||247.40 (1.78%)||2.07||Accumulate|
|2020-10-22||Ambuja Cements Ltd.||Motilal Oswal||247.40||235.00||247.40 (1.78%)||-6.67||Neutral|
|2020-07-27||Ambuja Cements Ltd.||Arihant Capital||221.25||221.00||221.25 (13.81%)||Target met||Hold|
Ambuja Cement reported a rather better than expected set of numbers in Q2CY20 despite a more than month long lockdown across the country. The standalone revenue stood at Rs 2,177 Cr, down by 27.0% YoY/23.0% QoQ, EBITDA fell by 14.8% YoY/1.3% QoQ to Rs 595 Cr and Net Profits stood at Rs 453 Cr, declining by 10.0% YoY/13.6% QoQ. EBITDA margins improved to 27.3% during the quarter from 21.3% in Q1CY20 and 23.4% in Q2CY19. Sales volume during the quarter de-grew by 29% YoY to 4.19 MT (million tonnes) while realization per tonne increased by 2% YoY. Total operating...
|2020-07-27||Ambuja Cements Ltd.||ICICI Securities Limited||207.15||211.00||207.15 (21.55%)||Target met||Hold|
ICICI Securities Limited
Ambuja Cements surprised positively in Q1CY20. Revenues for the quarter were at | 2828 crore (vs. I-direct estimate of | 2,780 crore), down 3.4% YoY. Sales volume declined 9.6% YoY to 5.77MT (in line with I-direct estimate: 5.73 MT) as business got impacted in March 2020 due to announcement of a nationwide lockdown. Realisations cushioned the revenue fall, growing 6.6% YoY to | 4900/t (vs. I-direct estimate of | 4,849/t) as prices remained elevated in its major markets combined with higher sales of premium products. On the cost front, total costs per tonne remained broadly flat at...
|2020-07-27||Ambuja Cements Ltd.||Prabhudas Lilladhar||220.10||235.00||220.10 (14.40%)||Target met||Buy|
Ambuja Cement (ACEM) delivered strong set of Q2CY20 earnings with 35%/30% beat on ours/consensus EBITDA estimates. Lower than expected costs drove the beat in earnings. Cement demand positively surprised us as well as the street with decline of 12% YoY in May (against street expectation/PLe of 40%/15% drop) and growth of 1% YoY in June (against street estimate/PLe of 15%/5% drop). Based on...
|2020-07-27||Ambuja Cements Ltd.||Nirmal Bang Institutional||207.15||223.00||207.15 (21.55%)||Target met||Accumulate|
Nirmal Bang Institutional
First sign of improving efficiency; upgrade to Accumulate Ambuja Cements Ltd (ACEM) has reported extremely good set of numbers yet again for 2QCY20, driven by improvement in operating costs and better realizations. We are positively surprised by the improvement in the companys operating performance after a very long time. The company has reported the highest EBITDA/mt in over a decade at Rs1,421. We are upgrading our recommendation on the stock to Accumulate from Sell as we factor in the improved cost structure and impressive EBITDA growth. Our revised EBITDA estimates for the company are higher by 30.3% and 32.4% for CY20 and CY21, respectively. We have also...
|2020-07-25||Ambuja Cements Ltd.||Motilal Oswal||200.95||207.00||200.95 (25.30%)||Target met||Neutral|
4,155/t), led by lower freight cost (due to MSA with ACC) and sharp cuts in discretionary expenses (ad spends, travel, repairs, third-party services, etc.), which EBITDA/t improved 36% QoQ (+19% YoY) to INR1,421/t (v/s est. Mr. Akhoury was earlier the MD and CEO of Ambujas subsidiary ACC, where he is credited with arresting market share decline for the company after a gap of 10 years as well as implementing strong cost control. As a result, we expect ACEMs EBITDA per ton to be marginally lower in the next two years and underperform peers. This would be due to the fixed cost addition starting next year from its green-field plant (Marwar-Mundwa) with slow volume ramp-up. This would be due to the fixed cost addition starting next year from its green-field plant (Marwar-Mundwa) with slow volume ramp-up.
|2020-07-24||Ambuja Cements Ltd.||Dolat Capital||200.95||246.00||200.95 (25.30%)||Target met||Buy|
|2020-06-16||Ambuja Cements Ltd.||Prabhudas Lilladhar||187.15||210.00||187.15 (34.54%)||Target met||Buy|
Given the steep increase of Rs7590/bag in April-May, softness w as South expected in prices. Prices in (Rs/bag) AP/Telangana fell Rs20/bag MoM as it w itnessed steepest increase. Prices in...
|2020-05-13||Ambuja Cements Ltd.||IDBI Capital||183.00||161.00||183.00 (37.60%)||-36.06||Hold|
Our channel check suggests, average cement prices at an all India level is up 8% MoM in May-2020. In the environment of soft demand, price hike is implemented for partial recovery of high fixed costs. We see a trend in the market where-in from government to companies, many following a strategy to increase taxes / prices to support their financials. But for the sustenance of price hike in commodity (cement), demand revival is the key element according to us. Cement industry production decreased by 25% YoY for Mar 2020 (latest data available). Companies have commenced opening of the plant starting of 20th April....
|2020-05-07||Ambuja Cements Ltd.||Geojit BNP Paribas||169.35||180.00||169.35 (48.69%)||Target met||Hold|
Geojit BNP Paribas
Post lockdown, rural demand and construction sectors are expected to pick up gradually, with normal monsoon and Government policy support measures. We maintain our HOLD rating on the stock with a revised target price of Rs. 180 based on 7.0x CY21E EV/EBITDA. Topline impacted on volumes but margins continue to expand Ambuja Cements recorded 8.5% YoY decline in Q1CY20 consolidated revenue to Rs. 6,250cr, as sales volumes were impacted in Mar-2020 amidst Corona-led lockdowns (company witnessed volumes growth till Feb). Cement volumes fell 11.9% YoY to...
|2020-04-28||Ambuja Cements Ltd.||HDFC Securities||167.70||210.00||167.70 (50.15%)||Target met||Buy|
We maintain BUY with unchanged TP of Rs 210/sh. Ambuja reported a healthy 1QCY20 standalone result. While Rev declined 3% YoY to Rs 28.3bn (on sales loss in late Mar, led by nationwide lockdown to curb Covid-19 impact), robust realisation and flat opex drove EBITDA/APAT up by 30/6% YoY to Rs 6.0/4.0bn resp. We expect continued lockdown post 1Q, and slower ramp-up 3QCY20 onwards to pull down CY20E volumes by 15% YoY. However, robust realisation base and falling energy costs should bolster margin expansion.
|2020-04-28||Ambuja Cements Ltd.||Nirmal Bang Institutional||169.50||173.00||169.50 (48.55%)||Target met||Accumulate|
Nirmal Bang Institutional
Ambuja Cements Ltd (ACEM) has reported extremely good set of numbers for 1QCY20, driven by better-than-expected pricing and lower costs. Pricing growth was extremely good, improving by 2.4% QoQ (6.8% YoY) against our expectation of a similar decline. Higher exposure to North and West regions resulted in better-than-expected pricing growth. EBITDA at Rs6.03bn was 29% ahead of our estimate. Decline in volume has been higher than our estimate and in line with what ACC had reported. At 5.76mn mt, ACEM has reported 9.6% YoY decline in volume compared to our expectation of a 4% decline. Better pricing and lower costs have more than offset the impact of lower volume. Total operating cost at Rs3,862/mt was in...
|2020-04-28||Ambuja Cements Ltd.||IDBI Capital||167.70||162.00||167.70 (50.15%)||Target met||Hold|
Ambuja (ACEM) Q1CY20 EBITDA came in-line with our estimate of Rs6bn. Decline in cement sales volume by 10% YoY is on expected line. As until February ACEM has seen good volume growth but lockdown impacted March month sales volume. EBITDA/t at Rs1046 up +44% YoY is driven by higher cement prices +7% YoY and lower fuel cost (down 12% YoY). From 20th April, ACEM has commenced operations at few of its plants. Company expects weakness in the demand to be arrested by normal monsoon and policy support measures taken by the Government and RBI. Company's net cash balance sheet (Rs31bn) provides it with cushion from any extended period of weak...
|2020-04-28||Ambuja Cements Ltd.||Motilal Oswal||167.70||190.00||167.70 (50.15%)||Target met||Neutral|
EBITDA rose 30% YoY (+10% QoQ) to INR6.0b, despite lower volumes, led by a 7.0% YoY increase in realization to INR4,900/t (est. We see limited share price upside in ACEM from current levels, given the expected margin pressure due to the expiry of its incentives at Maratha Cement Works as well as a fixed cost addition next year from its new plant at Marwar Mundwa. Mr Akhoury was earlier the MD and CEO of Ambujas subsidiary ACC, wherein he is credited with arresting market share decline for the company after a gap of 10 years, as well as implementing strong cost control. As a result, we expect ACEMs EBITDA per ton to be marginally lower in the next two years and underperform We see a limited share price upside from current levels, given the expected margin pressure due to the expiry of its incentives at Maratha Cement Works, as well as a fixed cost addition next year from its new plant at Marwar Mundwa.
|2020-04-27||Ambuja Cements Ltd.||Prabhudas Lilladhar||169.50||190.00||169.50 (48.55%)||Target met||Buy|
Plants and warehouse resumed operations at limited scale wef 20th April Ambuja Cement (ACEM) delivered strong set of Q1CY20 earnings with 13% beat in EBITDA, led by better than expected realisations and lower RM costs. India's cement demand has been under pressure since Q1FY20 due to dearth of liquidity, weak sentiments and low Govt spending. With the outbreak of novel covid-19 virus, India's cement demand is expected to fall 3% YoY in...