Re-initiation Coverage: Lafarge Surma Cement Limited

Categories: Fundamental Analysis, Financial Analysis, Equity Investments

Country or region: Bangladesh

We re-initiate coverage of Lafarge Surma Cement Limited with a “SELL” rating, with fair value estimate of BDT 51.6 per share for Dec 2017. Our fair value implies a forward P/E multiple of 23.4x over 2017E earnings and 17.9x over 2018E earnings. The fair value also implies a forward EV/EBITDA ......

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