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ICICI Securities Report
Constellium SE's Q3 CY23 performance fell short of street estimates mainly due to lower shipments. Key points:
Adjusted Ebitda stood at €168 million (up 5% YoY) compared to consensus estimate of €180.6 million;
the impact of lower shipments was partially offset by better product mix; and
management mentioned inflationary pressure and demand headwinds in several key markets still persist.
Going ahead, management expects packaging demand to improve though headwinds still persist in its key European markets.
That said, management maintained its year-end earnings and cash outlook. Taking cues from Constellium's performance, we believe our estimates for Hindalco Industries Ltd.'s Novelis are likely to be achieved.
We maintain 'Add' on Hindalco with an unchanged target price of Rs 500 on six times FY25E Ebitda.
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