Ambuja cements
JPMORGAN ON AMBUJA CEMENTS 26.07.2021
* JPMorgan increases EBITDA estimates for Ambuja Cements by 3%, given a strong H1CY21, believes co could announce more expansions over next 12 months
* Strong Operating Performance; 1.5mt Expansion Announced; Cost Should Increase
* Increase EBITDA Estimates By 3%, Given The Strong H1CY21
* Believe Co Could Announce More Expansions Over Next 12 Months
* MAINTAIN NEUTRAL TARGET: 350
NOMURA ON AMBUJA CEMENTS : 26.07.2021
* Good Q2 by Ambuja Cements, but margin likely to compress in H2; recent outperformance prices in cost efficiency benefits co,
* Downgrade After Recent Outperformance
• Good Q2, But Margin Likely To Compress In H2
• Recent Outperformance Prices In Cost Efficiency Benefits
* DOWNGRADE REDUCE TARGET: 360
GS ON AMBUJA CEMENTS : 26.07.2021
* Goldman Sachs sees the valuation gap between Ambuja Cements & its peers narrowing going forward
* Continue To Like Exposure To North & West Markets
* Expect Its Grinding & Clinker Expansion In Rajasthan To Free Up Its West Capacity
* See The Valuation Gap Narrowing Vs Larger Peers Going Forward
* Risk-reward Is Attractive At Current Levels
* MAINTAIN BUY TARGET: 423 (PREVTGT:370)
