Buy MOIL with target of Rs 448

Research report by 'A C Choksi Share Brokers Private Limited'
     
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Investment Thesis



  • Production to double by 2020-The increase in steel consumption to augur well for manganese ore producers; MOIL with near about 50% share in the country's Manganese ore production is all set to reap the benefits.

  • Zero Debt Company; with huge pile of cash, best placed to acquire mines in India and overseas; and can finance its capex internally

  • Exploring opportunities in Ferro Alloy space through JVs with SAIL & RINL; likely to add value in coming years

  • Attractive Valuation: We initiate coverage with a BUY Rating on MOIL with a target price of `448, valuing it at 5.50x FY2012E EV/EBITDA, giving it an upside potential of 16% from current levels.


   
Annual Reports
Manganese Ore India Limited ( Report year: )
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