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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)3,685.62
MCAP NSE (Rs in Cr)3,688.80
P/E (x)12.74
EPS (Rs.)9.10
BV (Rs.)105.87
Div Yield (%)2.59
FV (Rs.)2.00
P/BV (x)1.09
EV/Sales (x)4.22
EV/EBITDA (x)15.41

Shareholding Pattern (%)

Public & Others9.0
Grand Total100.0

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