Hindalco
BROKERAGE RADAR CITI ON HINDALCO : 09.08.2021
* Citi on Hindalco: Maintain BUY, Target at Rs 535/share
* Aluminium EBITDA margin 38% (13-yr high) vs 30% in Q4
• Reiterate Buy on strong aluminium LME outlook
* Novelis' resilient earnings, clear focus on organic growth
JPMORGAN ON HINDALCO : 09.08.2021
* JPMorgan maintains OVERWEIGHT call on Hindalco, target at Rs 540/sh
* Positioned Well Across Both Upstream & Downstream With Profitability at Decadal High
* Co Reported A Large Beat In Q1, Expect Earnings Across India & Novelis To Further Improve Hereon
• Raise FY22/23/24 EPS Estimates By 15%/8%/6%
* MAINTAIN OVERWEIGHT TARGET: 540
CLSA ON HINDALCO
* CLSA maintains BUY call on Hindalco, target at Rs 500/sh
* Novelis Q1 Above Expectations
* Despite Headwinds
* Management Expects Aleris Synergies At $220 m/Yr In Next 3 Yrs
* With 65% EBITDA From Conversion Businesses, Co Has Most Resilient Earnings
* It's A Preferred Pick In Metal Space
* MAINTAIN BUY TARGET: 500
