BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.