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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Cement: ACC (ACC.BO, Sell, on Conviction List)
• Exposure to weak markets of North & South India will lead to erosion in margins and ROE till FY12
• ACC is trading at 125% CY10 EV/RC, higher than its mid-cycle valuation of 100% EV/RC. The stock is currently trading at 2.5X CY11E P/B –
at more than a 30% premium to the Indian sector average of 1.8X 2010E P/B
ACC
> ACC is trading at 125% CY10E EV/RC, higher than its mid-cycle valuation of 100% EV/RC; +1SD at 130%
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Cement: ACC (ACC.BO, Sell, on Conviction List)
• Exposure to weak markets of North & South India will lead to erosion in margins and ROE till FY12
• ACC is trading at 125% CY10 EV/RC, higher than its mid-cycle valuation of 100% EV/RC. The stock is currently trading at 2.5X CY11E P/B –
at more than a 30% premium to the Indian sector average of 1.8X 2010E P/B
ACC
> ACC is trading at 125% CY10E EV/RC, higher than its mid-cycle valuation of 100% EV/RC; +1SD at 130%
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