Sell Hindalco, target of Rs 32: Reliance Money
Reliance Money has recommended a sell rating on Hindalco Industries with a target price of Rs 32 in its February 26, 2009 research report. “Hindalco reported Net Sales Revenues of Rs 41.2 billion (YoY decline of 9.1%), an EBIDTA of Rs 7.8 billion (YoY cut of 2.7%) and profit after tax of Rs 5.45 billion (YoY growth of 0.4%). Novelis’ Q309 reported a 20% YoY decline in the Revenues at USD 2.18 billion, an EBIDTA at USD 0.07 billion and a net loss of USD 1.83 billion which includes non-cash impairment charges of USD 1.5 billion and unrealized losses on derivative instruments of USD 472 million. We recommend a sell on the stock with a target price of Rs 32 at which the stock will quote at an EV/EBIDTA of 3x for FY10E earnings,” says Reliance Money’s research report.
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