Ambuja Cements reported a 52.2% year-over-year decline in net profit for the third quarter of 2010 due to lower sales realizations and higher raw material and power costs. However, despatches increased 6.1% year-over-year. Going forward, analysts expect capacity additions to drive higher despatch growth and margins to improve as new clinker capacities eliminate external purchases. While third quarter results were below estimates, the stock is considered fairly priced at current levels based on estimated growth and margins over the next two years.
Heidelberg Cement reports superlative set of numbers for Q1FY15; HoldIndiaNotes.com
HCIL reported superlative set of numbers, which were higher than estimates owing to sale of 0.6 mt inefficient Raigad unit and improving operating parameters. While topline grew by 13.6%. Post the sharp appreciation in stock price, rating is changed form buy to hold.
Heidelberg Cement reports superlative set of numbers for Q1FY15; HoldIndiaNotes.com
HCIL reported superlative set of numbers, which were higher than estimates owing to sale of 0.6 mt inefficient Raigad unit and improving operating parameters. While topline grew by 13.6%. Post the sharp appreciation in stock price, rating is changed form buy to hold.
JLL Detroit Industrial Insight & Statistics - Q4 2019Harrison West
Detroit’s industrial market ended 2019 on a strong note, as nearly 1.5 million square feet was absorbed in the fourth quarter. Average asking rents have grown by 4.4 percent year-over-year, while vacancies have leveled off over the same period. Leasing activity was healthy in the fourth quarter with some of the more significant deals being Piston Automotive renewing their lease for 256,100 square feet in Redford and Ternes Packaging taking 303,000 square feet in Pontiac.
Cabot Oil & Gas' latest Investor Presentation, prepared for the EnerCom Oil & Gas Conference held in Denver (August 12, 2013). The presentation contains a number of interesting slides, including a map of their well locations and a map of interstate pipelines detailing how they get all that gas (now over 1 Bcf/d) to market.
Amara Raja Batteries Q2FY15: Buy for a target of Rs790IndiaNotes.com
Valuation and view: We are downgrading our EPS estimates by ~5.5%/2% for FY15/16 to ~INR23.4/30.7 to factor in for higher depreciation. AMRJ has emerged as a formidable challenger to leader Exide Industries, with leadership in telecom (46% share) and UPS (32% share) segments. New capacity coming on stream on opportune time. Benign lead lost coupled with recovery in volume growth and stable competitive environment augurs well for sustainability of superior margins. The stock trades at 23.4x/18.2x FY16E/17E EPS. Maintain Buy with TP of ~INR790 (~20x FY17E EPS).
Half year results for the six months ended 30 September 2014Atkins
WS Atkins plc today announces its preliminary results for the six months ended 30 September 2014.
The results show a good first half performance, despite currency headwinds, and a strong performance in the Middle East and Energy.
View the results presentation for more insights on the figures, our strategy and some of our innovative projects.
Read more: http://www.atkinsglobal.com/en-GB/investor-relations/financial-news/2014/2014-11-13
JLL Detroit Industrial Insight & Statistics - Q4 2019Harrison West
Detroit’s industrial market ended 2019 on a strong note, as nearly 1.5 million square feet was absorbed in the fourth quarter. Average asking rents have grown by 4.4 percent year-over-year, while vacancies have leveled off over the same period. Leasing activity was healthy in the fourth quarter with some of the more significant deals being Piston Automotive renewing their lease for 256,100 square feet in Redford and Ternes Packaging taking 303,000 square feet in Pontiac.
Cabot Oil & Gas' latest Investor Presentation, prepared for the EnerCom Oil & Gas Conference held in Denver (August 12, 2013). The presentation contains a number of interesting slides, including a map of their well locations and a map of interstate pipelines detailing how they get all that gas (now over 1 Bcf/d) to market.
Amara Raja Batteries Q2FY15: Buy for a target of Rs790IndiaNotes.com
Valuation and view: We are downgrading our EPS estimates by ~5.5%/2% for FY15/16 to ~INR23.4/30.7 to factor in for higher depreciation. AMRJ has emerged as a formidable challenger to leader Exide Industries, with leadership in telecom (46% share) and UPS (32% share) segments. New capacity coming on stream on opportune time. Benign lead lost coupled with recovery in volume growth and stable competitive environment augurs well for sustainability of superior margins. The stock trades at 23.4x/18.2x FY16E/17E EPS. Maintain Buy with TP of ~INR790 (~20x FY17E EPS).
Half year results for the six months ended 30 September 2014Atkins
WS Atkins plc today announces its preliminary results for the six months ended 30 September 2014.
The results show a good first half performance, despite currency headwinds, and a strong performance in the Middle East and Energy.
View the results presentation for more insights on the figures, our strategy and some of our innovative projects.
Read more: http://www.atkinsglobal.com/en-GB/investor-relations/financial-news/2014/2014-11-13
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
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Ambuja ru3 qcy2010-221010
1. Please refer to important disclosures at the end of this report 1
Y/E Dec (` cr) 3QCY2010 2QCY2010 % chg qoq 3QCY2009 % chg yoy
Net sales 1,564 2,048 (23.6) 1,611 (2.9)
Operating profit 302 644 (53.1) 462 (34.5)
OPM (%) 19.1 30.8 (1,174bp) 28.1 (913bp)
Net profit 152 391 (61.1) 318 (52.2)
Source: Company, Angel Research
For 3QCY2010, Ambuja Cements (Ambuja) reported a 52.2% yoy decline in net
profit due to fall in realisations and increased raw-material and power costs.
However, despatches were higher by 6.1% yoy during the quarter. Going ahead,
we expect Ambuja to report higher growth in despatches, aided by capacity
additions and improvement in demand outlook. At current levels, the stock is
fairly priced, owing to which we maintain our Neutral view on the stock.
Bottom line down 52.2% due to lower realisations and higher power costs:
Ambuja’s standalone top line declined 2.9% yoy during 3QCY2010, in line with
our estimates. The decline was despite a 6.1% yoy increase in despatches to
4.4mn tonnes, aided by capacity additions. However, realisations declined by
8.5% yoy to `3,595/tonne. Ambuja’s OPM declined by 913bp yoy to 19.1% on
account of lower realisation and higher import of high-cost imported coal and pet
coke. Coal imports increased due to lower availability of domestic linkage coal.
Further, increased production of clinker during the quarter resulted in a 38%
increase in power costs, thereby lowering the company’s operating margin.
The bottom line declined by 52.2% yoy to `152cr, well below our estimates.
Outlook and valuation: Over CY2009–11E, we expect Ambuja’s top line to
witness a 7.8% CAGR, with despatches expected to record a 9.2% CAGR on the
back of capacity addition. At current levels, the stock is trading at EV/EBITDA of
10.6x and EV/tonne of US $157 on CY2011E estimates and is fairly priced.
Hence, we maintain our Neutral view on the stock.
Key financials
Y/E Dec ( ` cr) CY2008 CY2009 CY2010E CY2011E
Net sales 6,168 7,041 7,335 8,171
% chg 9.5 14.2 4.2 11.4
Net profit 1,094 1,218 1,225 997
% chg (38.2) 11.4 0.6 (18.6)
OPM (%) 27.7 26.5 27.2 22.7
FDEPS (`) 9.2 8.0 8.0 6.5
P/E (x) 15.1 17.4 17.3 21.2
P/BV (x) 3.7 3.3 3.0 2.7
RoE (%) 21.2 20.1 18.0 13.3
RoCE (%) 24.7 23.3 21.5 16.7
EV/Sales 3.3 2.9 2.7 2.4
EV/tonne (US $) 230 196 160 157
Installed capacity (mtpa) 20 23 27 27
EV/EBITDA (x) 12.1 11.0 10.1 10.6
Source: Company, Angel Research
NEUTRAL
CMP `139
Target Price -
Investment Period -
Stock Info
Sector
Bloomberg Code
Shareholding Pattern (%)
Promoters 46.4
MF / Banks / Indian Fls 16.3
FII / NRIs / OCBs 29.4
Indian Public / Others 7.9
Abs. (%) 3m 1yr 3yr
Sensex 11.3 20.1 14.5
Ambuja Cements 21.4 54.8 (4.3)
21,234
0.8
150/82
382653
Cement
Avg. Daily Volume
Market Cap (` cr)
Beta
52 Week High / Low
2
20,165
6,066
ABUJ.BO
ACEM@IN
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Rupesh Sankhe
022-40403800 Ext 319
rupeshd.sankhe@angelbroking.com
V Srinivasan
022-40403800 Ext 330
v.srinivasan@angelbroking.com
Ambuja Cements
Performance Highlights
3QCY2010 Result Update | Cement
October 22, 2010
3. Ambuja Cements | 3QCY2010 Result Update
October 22, 2010 3
Exhibit 3: 3QCY2010 – Actual v/s Angel estimates
(` cr) Actual Estimates Variation (%)
Net sales 1,564 1,585 (1.3)
Operating profit 302.2 411.3 (26.5)
Net profit 152.1 262.8 (42.1)
Source: Company, Angel Research
Operational highlights
For 3QCY2010, Ambuja’s realisation/tonne declined by 8.5% on a yoy basis to
`3,595. However, on a positive note, raw-material cost/tonne was down to `140
(`491 in 3QCY2009) due to the avoidance of external clinker purchase during the
quarter as against `157cr of purchase in 3QCY2009. Power and fuel costs/tonne
were higher by 29.7% yoy due to higher clinker production. However, freight
costs/tonne rose by 6.6% yoy due increased diesel costs and higher internal
material transfer. Depreciation cost also moved up by 33.4% yoy, following an
increase in capacity. Operating profit/tonne stood at `651, down 37.9% yoy.
Net profit/tonne for the quarter stood at `306, down 56.3% yoy.
Exhibit 4: Per tonne analysis
(`) 3QCY10 2QCY10 3QCY09 % chg (yoy) % chg (qoq)
Realisation/tonne 3,595 3,834 3,929 (8.5) (6.2)
Power and fuel cost/tonne 1,017 849 785 29.7 19.8
Freight and forwarding
cost/tonne
787 838 739 6.6 (6.0)
Operating profit/tonne 651 1,130 1,049 (37.9) (42.4)
Depreciation/tonne 234 187 175 33.4 24.9
Net profit/tonne 306 656 700 (56.3) (53.4)
Source: Company, Angel Research
4. Ambuja Cements | 3QCY2010 Result Update
October 22, 2010 4
Investment arguments
Capacity addition to maintain robust volume growth
During 1QCY2010, Ambuja expanded its clinker capacity by 4.4mn tonnes per
annum (mtpa) by setting up clinker plants with capacity of 2.2mtpa each at
Bhatapara and Rauri. The company had also commissioned grinding units at
Nalagarh and Dadri (with capacities of 1.5mn tonnes each) in 1QCY2010.
Further, the company will be adding 2mtpa of total grinding capacity at Bhatapara
and Maratha. Ambuja is expected to have overall capacity of 27mn tonnes by the
end of CY2010 post its proposed capacity additions. Going ahead, we expect
capacity additions done by the company to drive growth.
Exhibit 5: Installed capacity
Source: Company, Angel Research
Presence in high-growth regions to ensure better realisations
Ambuja currently derives close to 80% of its revenue from the western and
northern regions, with both the regions having almost equal shares. The remaining
20% is derived from the eastern region. Thus, we expect Ambuja to enjoy better
profitability as compared to players with significant exposure to the south due to
the presence in the high-growth northern and eastern regions.
Setting up of new capacities to improve margins substantially from CY2010
During CY2009, Ambuja’s OPM was affected by 400bp due to external purchase
of close to 1.7mn tonnes of high-cost clinker. However, going ahead, we expect
Ambuja to enjoy significant margin expansion due to the commissioning of
4.4mtpa of clinker capacities in 1QCY2010. Production at the company’s clinker
plants has stabilised, resulting in the elimination of external clinker purchase in
3QCY2010. Ambuja is also expected to record savings in energy cost, with the
commissioning of new captive power capacities. The company, which
commissioned a 33MW captive power at Bhatapara (33MW), has set up another
30MW power plant at Ambuja Nagar, which would take its overall captive power
capacity beyond 400MW.
19
22
24
27 27
0
5
10
15
20
25
30
CY2007 CY2008 CY2009 CY2010E CY2011E
(mtpa)
5. Ambuja Cements | 3QCY2010 Result Update
October 22, 2010 5
Outlook and valuation
We expect Ambuja’s top line to register a 7.8% CAGR over CY2009–11E, with
despatches expected to record a 9.2% CAGR on the back of capacity addition.
At current levels, the stock is trading at EV/EBITDA of 10.6x and EV/tonne of
US $157 on CY2011E estimates and is fairly priced. Hence, we maintain our
Neutral view on the stock.
Exhibit 6: Change in estimates
CY10E CY11E
(` cr) Earlier Revised Chg (%) Earlier Revised Chg (%)
Net sales 7,277 7,335 0.8 8,033 8,171 1.7
Operating exp. 5,494 5,337 (2.9) 5,991 6,314 5.4
Operating profit 1,783 1,998 12.1 2,042 1,858 (9.0)
Depreciation 388 388 0.0 443 481 8.6
Interest 15 15 0.0 19 21 12.1
PBT 1,599 1,815 13.5 1,842 1,478 (19.8)
Tax 520 590 13.5 599 480 (19.8)
PAT 1,079 1,225 13.6 1,243 997 (19.8)
Source: Angel Research
Exhibit 7: Key assumptions
Earlier estimates Revised estimates
CY10E CY11E CY10E CY11E
Installed capacity (mtpa) 25 27 27 27
Growth (%) 11 8 20 0
Utilisation (%) 83 85 77 85
Despatches (mn tonnes) 20.8 23 20.8 23
Net realisation/tonne (`) 3,500 3,500 3,575 3,646
Growth (%) (6) - (4) 2
Raw-material costs/tonne (`) 420 357 420 510
Power cost/tonne (`) 768 775 768 800
EBITDA/tonne (`) 858 846 974 829
Source: Angel Research
11. Ambuja Cements | 3QCY2010 Result Update
October 22, 2010 11
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
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sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
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responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please
refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and
its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement Ambuja Cements
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)