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Motilal Oswal Report
Reliance Industries Ltd. has underperformed the broader benchmarks, Bharti Airtel Ltd. and organized retail peers, over the past few years, despite similar or superior Ebitda growth.
We believe RIL’s underperformance was driven by higher capex in retail and Reliance Jio as well as a lack of free cash flow generation. However, we believe the capex has likely peaked and expect RIL to generate ~Rs 1 trillion cumulative FCF over FY24-27.
We believe the risk-reward is compelling as RIL is currently trading close to our bear-case valuations (1:10 risk-reward skew).
Reiterate Buy with a target price of Rs 1,580.
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Also Read: Stocks To Buy: HPCL, BPCL Among ICICI Securities' Preferred Picks In OMCs On Attractive Valuations
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