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  1. Narrow Moat-Rated Ultratech Delivers Robust Fourth-Quarter Profits; Shares Fairly Valued


    Wed, 6 May 2015

    Narrow moat-rated Ultratech ’s fourth-quarter 2015 results were in-line with our expectations, and reinforced our forecast for a gradual recovery in

  2. UltraTech to Benefit from Market Consolidation; Our Fair Value Estimate Moves Higher


    Thu, 19 Mar 2015

    We are raising UltraTech 's fair value estimate to INR 2 ..... market share gains. We believe that UltraTech , owing to its pan Indian distribution ..... inorganic capacity expansion. We expect UltraTech to acquire about five million to seven

  3. Ultratech Delivers Third-Quarter Result in Line; Significant Margin Improvement Priced In


    Tue, 27 Jan 2015

    UltraTech Cement's third-quarter result reaffirmed ..... than a U-shaped recovery priced into UltraTech 's stock price. Adjusted EBITDA margins ..... expense during the next three years as UltraTech pursues debt-funded acquisitions

  4. Ultratech ’s Disciplined Acquisition Raises Our Fair Value Estimate to INR 2,600


    Sun, 4 Jan 2015

    We're pleased with Ultratech ’s acquisition of an integrated cement ..... valuation, location, and asset quality. Ultratech has paid INR 54 billion to acquire ..... favourable, as it will assist in lifting Ultratech ’s market share in eastern central

  5. Capacity Acquisition and Higher Prices Lead to Increase in Shree's Fair Value to INR 8,100


    Thu, 11 Dec 2014

    tonnes versus 21 million tonnes earlier. We now value Shree at an 11 times enterprise value/EBITDA multiple, similar to Ultratech and Ambuja in our coverage universe. At the current price of INR 9,000, the stock looks slightly overvalued. In our view

  6. Inventory Management Powers Ambuja’s Upside Profit Surprise; Shares Undervalued


    Tue, 4 Nov 2014

    value estimate stands at INR 262 per share. Following our coverage initiation, Ambuja’s share price has outperformed Ultratech by 13%, and remains undervalued. Equity markets are underestimating the synergy benefits of Ambuja, ACC and Lafarge

  7. Ambuja Expected to Show Improved Relative Pricing Power; Shares Undervalued


    Sun, 26 Oct 2014

    stronger, double-digit price hikes taken in other parts of India in June. Last week, in its regular quarterly disclosure, Ultratech Cement posted a 5% increase in price. We expect similar for Ambuja. We value Ambuja as a consolidated entity, owning both

  8. Ultratech ’s Second-Quarter Margins Swing Wider; Fair Value Estimate Increases to INR 2,400


    Wed, 22 Oct 2014

    expense over the next three years as Ultratech pursues debt funded acquisitions. We ..... value of money since we last reviewed Ultratech . The shares remain close to fairly valued ..... economic moat rating, which is anchored by Ultratech ’s strong pricing power in key markets

  9. Weak Realisations, Higher Fuel and Power Expenses Produce a Weak First-Quarter Result for Ultratech


    Mon, 28 Jul 2014

    Ultratech 's fiscal 2015 first-quarter net sales ..... the company, which is underpinned by Ultratech 's strong pricing power in key markets ..... industry-level entry barriers that benefit Ultratech stem from the proximity to raw-material

  10. Dropping Coverage of Ultratech


    Fri, 14 Mar 2014

    We are no longer providing equity research on Ultratech . We provide broad coverage of more than 1,700 companies across more than 140 industries and adjust our coverage as necessary based on client demand and investor interest.

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