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Sell Hindalco, target of Rs 62: IIFL

Posted on: July 1st, 2009 and is filed under Brokerage Recommendations.

IIFL has recommended a sell rating on Hindalco, with 12-month price target of Rs 62, in its report dated July 1, 2009.

“Hindalco’s stock price has appreciated by 64% over the past three months. At the current price, the stock is trading at 6.5x EV/EBIDTA on FY10ii. At the consolidated level the company has a net debt of $ 4.5 billion, translating into a debt: EBIDTA ratio of 4x. High leverage coupled with risk to earnings from lower aluminium prices (our assumption: $ 1,800/tonne of aluminium for FY10) leaves no margin of safety for investors. We retain ‘SELL’, with 12-month price target Rs 62,” says IIFL’s report.

source: Moneycontrol

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