Add JK Lakshmi Cement, target price Rs 394: Centrum Broking

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Add JK Lakshmi Cement, target price Rs 394:  Centrum Broking


Centrum Broking has add call on with a target price of Rs 394. The current market price of JK Lakshmi Cement Ltd. is Rs 387.9.

JK Lakshmi Cement Ltd., incorporated in the year 1938, is a Mid Cap company (having a market cap of Rs 4564.42 Crore) operating in Cement sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 1280.22 Crore, up 11.36 % from last quarter Total Income of Rs 1149.60 Crore and up 17.14 % from last year same quarter Total Income of Rs 1092.91 Crore. Company reported net profit after tax of Rs 118.44 Crore in latest quarter.


Investment Rationale
The brokerage introduces FY23e earnings with EBITDA estimates of Rs7.6bn and EPS of Rs31.6/sh. It assigns EV/EBITDA multiple of 7.5x as it rollover to FY23e earnings and arrives at a fair value of Rs 394/sh (earlier Rs334/sh).


Promoter/FII Holdings
Promoters held 46.2 per cent stake in the company as of Dec 30, 2020, while FIIs held 10.7 per cent, DIIs 22.6 per cent and public and others 20.6 per cent.





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