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Monday, October 26, 2009

Hindustan Zinc Ltd:Future growth propsects and outlook,analysis,buy/hold/sell/recomendation/views/news

Scripscan:Hindustan Zinc Ltd

Story:Hindustan Zinc’s performance during the last quarter was slightly better than estimates on account of sale of surplus zinc and lead concentrates. In Q2FY10, company reported sales of Rs 1,790 crores, an upside of 3% over corresponding year last year on account of 14% higher volumes, negated to some extent by lower realizations. Sequentially over Q1FY10, sales jumped by 18% on account of better realizations; average zinc and lead LME prices during the quarter were 18% and 28% higher than Q1FY10 averages respectively. We have valued the company at FY11E EV/EBITDA multiple of 6.5, deriving a valuation of Rs 985 per share and recommend hold rating on the stock.Our valuations are consistent with the historical trading band of the company.Any decline in the stock price, in sync with the broad market, may be used to step up exposure. Gains are, however, likely to accrue steadily. Firm outlook for prices, ramp up in zinc and lead capacities, low-cost operations, robust financials, comfortable cash flows and attractive valuations bode well for the company's growth.

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