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Systematix Report
Vedanta Aluminium Metal Ltd. has entered Systematix's coverage universe with a 'Buy' rating and a target price of Rs 598, implying a potential upside of around 28% from the current market price of Rs 468, excluding potential dividends.
Systematix believe the target multiple balances Vedanta Aluminium's dominant domestic position, volume growth visibility, improving raw material integration, strong free cash flow outlook and a potential transition to a net-cash balance sheet against commodity price sensitivity and execution risks.
Successful ramp-up of Bharat Aluminium Company Ltd., Lanjigarh, Sijimali and captive coal mines as per guidance provides scope for further earnings improvement and a potential rerating.
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Key risks include delays in captive bauxite mine commissioning, aluminium price volatility, and higher input costs.
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