Sharekhan has recommended hold rating on Shree Cements with a target of Rs 8103, in its research report dated August 26, 2014.
"Shree Cement's revenues for Q4FY2014 rose by 14.4% on account of higher cement revenues (cement volume and realisation up 17.4% and 11.2% YoY respectively). The power division continues to lag (power volume and realisation declined by 37.3% and 13.4% YoY respectively). However, the company reported a decline of 2.5% in its net profit for Q4FY2014 on account of a lower other income (down 38.8% YoY) and a higher depreciation charge (up 15.5% YoY). The operating performance of the power segment (which reported negative EBIDTA per unit) remains under pressure due to rising costs and lower realisation. However, the performance of the cement segment has improved YoY with the EBIDTA per tonne of the segment improving by 14% YoY to Rs1,185."
"We have marginally revised our earnings estimates for FY2015 and FY2016 upwards to factor in the strong volume growth in Q4 and expectations of a pick-up in demand going forward. Consequently, we have revised our price target upwards to Rs8,103 but in view of the sharp run-up in the stock since our last upgrade note on May 30, 2014 and the limited upside from the current level, we downgrade the stock to Hold. At the current price the stock is trading at 12.2x EV/EBIDTA and PE of 20.8x for FY2016 estimates," says Sharekhan research report.
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