ACC reported a steady performance in 1QCY19 as its revenues grew 8.2% YoY to Rs38.5bn backed by volume growth and better realisation, although the gains were limited. Premium products sales increased 23% YoY (volume growth).
Earning per share (EPS) of the company for the earnings for CY19E and CY20E is seen at Rs. 83.07 and Rs. 89.51 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 9% and 27% over 2017 to 2020E respectively.
Despite better volume growth, ACC has reported a subdued performance in 4QCY18 mainly led by steeper price decline and higher input cost. Adjusted EBITDA grew by 10% YoY and 7% QoQ to Rs4.03bn way below our estimate of Rs4.8bn.
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