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Orient Cement Ltd Research Report - 16th Dec 2015

Cement | Published on Dec 22nd 2014

IT

Orient Cement Ltd (Orient), a CK Birla group company having its plants in Telengana (capacity 3mtpa) and Maharashtra (capacity 2mtpa), is expanding its cement capacity by 3mtpa (an increase of 60%) to 8mtpa by 1QFY2016. The new plant is expected to be the next growth driver as it would contribute significantly to volume growth. We expect Orient to report a healthy 14.1% volume CAGR during FY2014-16E, aided by expected improvement in cement demand. The improvement in demand is expected on the back of pick up in infrastructure activities with a stable government at the centre, resolution of Telengana-Seemandhara dispute, and progressive state governments in the companys key markets (Telengana, Andhra Pradesh and Maharashtra, which account for 89% of sales). Improvement in cement demand is expected to take cement prices higher; we expect realizations for Orient to increase at a CAGR of 8.5% over FY2014-16E (in 1HFY15 realizations grew by 7.2%).

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CMP 148
Target Price 183
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)2,755.91
MCAP NSE (Rs in Cr)2,753.86
P/E (x)NM
EPS (Rs.)-1.49
BV (Rs.)47.91
Div Yield (%)0.74
FV (Rs.)1.00
P/BV (x)2.81
EV/Sales (x)2.60
EV/EBITDA (x)22.50

Shareholding Pattern (%)

Promoter38.0
Institution30.0
Public & Others19.0
Foreign11.0
Corporate2.0
Grand Total100.0

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