Anand Rathi 's research report on Prism Johnson
On the continued weak TBK and RMC and the lockdown, Prism Johnson’s results were subdued, revenue/EBITDA/PAT falling 18%/ 21%/96%. The cement division did well; the other segments dragged. The stock has fallen considerably in the last few months. We believe it factors in a fair valuation for cement, with negligible contributions from the other two businesses to our sum-of-parts valuation.
Outlook
We upgrade our rating to a Buy, with a lower TP of `46 (earlier `48).
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