IN : Container Corp of India Ltd - Land licence fee resolution: Re-rating trigger

The 4QFY21 EBITDA of Rs3.7bn was 29% of our FY21F, below our Rs5.8bn estimate due to higher other operating expense and rail freight cost. Post the resolution of land licence fee (LLF), we raise our FY24F exit multiple from 12x to 14x. Maintain Add with higher target price of Rs794 (Rs693 earlier).

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