Mangalam Cement Ltd. share price target

Surprised positively on the operating front. Results beat our / consensus estimates by 18% / 20%. Earnings were driven by better than expected realisations (+9%). 8 We are yet to see volumes recovering; 11% lower than estimated.Despite absence of volume growth and higher?than?expected costs, MGC surprised positively driven by realisations. Lower clinker production helped keep opex/tonne lower by 13% yoy. However, it went up by 3% qoq. Power and fuel was a key driver for savings. We revise our realisation estimates incrementally by ~2% and hence upgrade our estimates. We also marginally revise by our target multiple to 9x EV/EBITDA vs. 8x earlier. We see upgrade potential to our estimates if there are no negative surprises in terms of cost efficiencies; revival of volume growth is also essential.For now, Phillip Capital maintain Neutral (unchanged) with a price target of Rs 360. They maintain Neutral stand with a revised price target of Rs 360 (vs. 250 earlier). At target, the stock will trade at ~60 USD/tonne on FY18 earnings.

Trendlyne has 11 reports on MANGLMCEM updated in the last year from 4 brokers with an average target of Rs 1433.8. Brokers have a rating for MANGLMCEM with 2 price downgrades,2 upgrades,3 price upgrades in past 6 months and 2 downgrades,6 price downgrades in past 1 Year.

ICICI Securities Ltd | Retail Equity Research Mangalam Cement reported a good set of Q1FY17 numbers. Revenues grew 6.0% YoY to | 224.1 crore (vs. I-direct estimate: | 207.4 crore) led by better realisations, up 5.9% YoY to | 3,705 (vs. I-direct estimate of | 3,700) due to strong presence in north, where prices remained healthy. On the other hand, sales volume of the company remained flat at 0.61 MT (vs. I-direct estimate of 0.56 MT) The company reported EBITDA of | 47.1 crore vs. EBITDA loss of...

Aided by improved operating synergies and solid realizations recovery, Mangalam Cement (MCL) has reported robust performance in 1QFY17 with its operating profit at Rs471mn (vs. Rs40mn loss in 1QFY16), which is higher than our estimate of Rs346mn. Operating cost/tonne declined ~13% yoy mainly owing to significant dip in power and fuel costs (down by ~33% yoy & ~6% qoq on per tonne basis) on account of low clinker production, higher wind power generation and increased usage of petcoke. EBITDA/tonne came in strongly at Rs778 in 1QFY17 vis--vis Rs462 in 4QFY16. However, its sales volume remained tepid (flat on yoy at 0.61mnT...

9 Mangalam Cement (MGC) is the only company in Q4 where we have seen a muted volumegrowth.Theresultisbetterrealisationmanagementvs.peers. 9 Thisalsogoesinlinewithourargumentthatearningsofcementmanufacturersremain...

Mangalam Cement (MCL) has reported better-than-expected operating performance in 4QFY16 mainly on account of a sharp decline in operating cost/tonne (-12% yoy and -14% qoq) to Rs2,838. Notably, usage of 100% petcoke, favourable input costs, improved utilizations from new unit and decline in employees cost (owing to capitalization of cost of employees transferred to Aligarh plant and bonus writeoff- approx up-to Rs10mn) led to decline in operating cost. MCL's sales volume remained tepid (-6% yoy at 0.64mnT) with its endeavour to sell more in Rajasthan market so as to take maximum benefit of sales tax exemption. Notably, the Company has received >Rs15mn as sales tax subsidy from government during 4Q....

ICICI Securities Ltd | Retail Equity Research Mangalam Cement reported a mixed set of numbers. Revenues in the quarter de-grew 10.5% YoY to | 210.2 crore (below I-direct...

Mangalam Cement Q3FY16 Revenue/EBITDA at Rs 2.1bn/Rs 92 mn were better than our expectation on account of higher than expected volumes and lower than expected RM cost/ton (because of higher inventory).

After quite a while, MGC has shown signs of recovery in its operating numbers. Volumes havedoneprettywellbutvolumegrowthcouldhavebeenbetter.MGCisareasonablysmall setup(3.25mntonnesp.a.capacity)forittooperateatahigherutilisationnotbedifficult....

Mangalam Cement (MCL) reported a weak operating performance as EBITDA came in at Rs92mn as against our expectation of Rs133mn. EBITDA/tonne (adjusted for bonus provision of Rs10mn) came in at Rs167 as against Rs68 and Rs161 reported in 3QFY15 and 2QFY16, respectively. Sales volume (including clinker) grew by 10% yoy to 0.61mnT. A meaningful decline in power & fuel and freight costs led to a healthy decline in operating cost/tonne to Rs3,300 (declined by ~11% yoy and ~5% qoq). We continue to believe that performance of MCL is likely to improve in ensuing quarter due to: a) likely improvement in pricing environment, b) healthy...