Production volumes for Hindustan Copper are expected to increase more than 3.5x to 12.2m tonne by FY31 driven by extension of mining lease. Global copper supply growth on other hand is expected to be muted given operational disruptions across major copper-producing regions and rising social-environmental awareness driving lead time to develop a new copper mine to ~15-17 years.
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Anand Rathi Report
Hindsutan Copper Ltd. is one of the front-runner in global copper capacity expansion and is well-placed to capitalize on this structural up-cycle in copper.
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Once the mines ramp-up, the revenue and Ebitda are expected to increase four-fold to Rs 80.1 billion and Rs 30.7 billion by FY31.
Whilst the stock has re-rated over the last six months, we believe it deserves premium valuation given industry-leading Ebitda margins, RoE and high growth potential.
We initiate coverage on Hinduatan Copper with a Buy with a DCF-based target price of Rs 450 (11.2x FY28e EV/Ebitda).
Key Risks:
Commodity price volatility, delayed execution and depletion in ore quality.
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