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VEDL - Vedanta: Fairly Valued Given Balanced Mix Of Headwinds And Tailwinds
Vedanta Limited American Depositary Shares (Each representing four equity shares)
VEDL’s Aluminum business has been instrumental in the ongoing operational momentum, but prices may have hit a near-term ceiling.
Risks for INR appreciation have gathered pace.
A potential deal on BPCL could put pressure on the capital structure and the sustainability of the dividend; potential for impairment reversals with the Rajasthan oil and gas assets.
The complex corporate structure and the parent company’s indebtedness could serve as an overhang.
On the charts, the risk-reward looks enticing, but current forward valuations are in line with the historical average.