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GMDC Research Report - 16th Dec 2015

Metals | Published on Apr 08th 2013


GMDC beats CIL in terms of efficiency, volume growth and ability to take price hikes. Despite these factors, GMDC is currently trading at an EV/EBITDA multiple of 3.3x FY2015E, compared to CIL, which is trading at a multiple of 4.4x, which is unwarranted in our view. GMDC ticks most boxes for a long-term view: A virtual monopoly with proven ability to increase sales volume and prices available at an inexpensive valuation. The key catalysts for the stock are likely to be: 1) lignite price hikes, 2) regulatory approvals for brownfield expansions, and 3) commencement of production from Umarsar mines. We value GMDC at an EV/EBITDA of 4.5x FY2015E with a target price of Rs213 and initiate coverage with a Buy rating.

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CMP 161
Target Price 213
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)3,222.93
MCAP NSE (Rs in Cr)3,218.16
P/E (x)11.30
EPS (Rs.)8.97
BV (Rs.)105.87
Div Yield (%)2.96
FV (Rs.)2.00
P/BV (x)0.96
EV/Sales (x)3.83
EV/EBITDA (x)13.99

Shareholding Pattern (%)

Public & Others9.0
Grand Total100.0

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