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  • APL Apollo

    We expect APL Apollo to see revenue CAGR of 22.4% over FY18-20E aided by 20.8% CAGR in pipe volumes. EBITDA margins are likely to expand by 278bps over FY18-20E aided by increased share of higher margin products. As a result, APL Apollo would see PAT CAGR o...

    Buy Reco. Price: 1,710.00

  • Jindal Steel

    Jindal Steel and Power (JSPL) is close to completing its turnaround and would reach profitability by FY19E. This turnaround is strongly supported by 26.7% CAGR in steel volumes over FY18-20E after the steel plant in Angul becomes operational. Power volumes ...

    Buy Reco. Price: 192.00

  • GE Shipping Co

    GE Shipping would see revenue CAGR of 10% supported by (1) firm crude oil prices to lead to improved utilization of offshore rigs and better rates for crude shipping segment (2) higher dry bulk rates due to upturn in commodity cycle. We expect EBITDA CA...

    Sell Reco. Price: 300.00

  • Indian Energy Ex

    Indian Energy Exchange Ltd (IEX) is a power exchange that is likely to benefit from (1) renewable energy capacity rising to 100GW by 2022 and (2) growing participation of Power Discoms on power exchanges. We expect IEX’s trading volumes grow at CAGR o...

    Buy Reco. Price: 1,641.40

  • MOIL

    We expect MOIL to report revenue CAGR of 3.7% over FY18-20E aided by (a) 4% CAGR in production volumes for manganese ore production and (b) firm manganese ore prices. This would likely lead to EBITDA margins expanding by ~41bps owing to improved utilisa...

    Buy Reco. Price: 171.25

  • Hind.Copper

    Hindustan Copper Ltd. (HCL) is a mining company that faces a long and uncertain capacity expansion program. We expect the company to report revenue CAGR of 29.3% over FY18-20E aided by a rise in mining production capacity over the same period. We expect EBI...

    Reduce Reco. Price: 60.40

  • Bharti Airtel

    Bharti Airtel is likely to see revenue CAGR of 4.5% due to (1) subscriber growth offsetting reduction in ARPU and (2) strong growth in the Africa business over FY18-20E. EBITDA margin are expected to rise to 42.7% in FY20E, owing to improved profit...

    Buy Reco. Price: 372.00

  • Adani Power

    Adani Power is likely to report revenue CAGR of 12.9% over FY18-20E aided by strong growth in power generation over FY18-20E. EBITDA margins are likely to remain constant over FY18-20E as higher utilization levels would be offset by higher material costs. W...

    Reduce Reco. Price: 31.35

  • Power Grid Corpn

    Power Grid Corporation of India Ltd (PGCIL), a PSU power transmission company, is likely to benefit from the healthy capitalization leading to revenue CAGR of 12.7% over FY18-20E. This revenue growth would lead to PAT CAGR of 16.6% over FY18-20E respectivel...

    Buy Reco. Price: 187.30

  • ITI

    We expect ITI to report revenue CAGR of 5% over FY18-20E on account of (a) growth in telecom equipment segment and (b) upgrading of existing defence equipment. EBITDA margin is expected to turn positive for FY19E because of faster execution of pending order...

    Reduce Reco. Price: 85.75