SBI Caps on Adhunik Metals
Adhunik Metaliks is one among the best-established integrated alloy steel producer with presence in the complete value chain from iron ore and coal mining to auto grade alloy steel manufacture, with consolidated revenues of usd 306 million, gross fixed assets of usd 255 million and market capitalization of usd 245 million. The stock generates a one-year target price of Rs. 140 via P/ex & Ev/ebitdax. Multiples are significantly discounted
portraying our defensive stand. Hence we initiate our coverage on Adhunik Metaliks with a " Buy" rating, implying an upside potential of 20 percent.
