ICICI Direct has given Hold recommendation for HEG with a target price of Rs. 1400 in its research report issued on Aug 18, 2022

ICICI Direct’s research report on HEG

HEG is one of the leading graphite electrode manufacturers and exporters globally. HEG has a graphite electrode manufacturing plant of 80000 tonnes per annum at Mandideep in Madhya Pradesh • HEG has a captive power generation capacity of ~76.5 MW (two thermal power plants and one hydro power plant).

Outlook

Hence, we downgrade the stock from BUY to HOLD. We value HEG at Rs 1400, 6x FY24E EV/EBITDA.

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