Business
CGW: Global Mix Of Water Utilities And Industrials Lacks Coherent Investment Case (CGW)
I am an international analyst with a Buffett and Munger inspired approach to investing. My emphasis is on identifying high quality, shareholder-oriented companies which have been unfairly discounted by the market due to short term factors or irrational investor psychology. At the moment, I am particularly interested in legacy businesses considered to be in secular decline in sectors such as remittances, ATMs and tobacco, where cash generative, high yield stocks (often with under-appreciated revenue and earnings growth) are very often unfairly ignored. While emphasizing U.S. stocks, I also cover attractive opportunities within my own country (the UK) and globally.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
BTS Sells Out Four Las Vegas Shows at Allegiant Stadium for ARIRANG World Tour
LAS VEGAS — BTS has sold out all four scheduled performances at Allegiant Stadium as part of the ARIRANG World Tour, with shows set for May 23, 24, 27 and 28, 2026.
The 65,000-capacity venue will host the South Korean group for performances beginning at 8:00 p.m. local time each night, with doors opening at 5:30 p.m. and parking lots accessible from 8:30 a.m. All tickets for the Las Vegas stop have been sold, according to organizers.
The ARIRANG World Tour represents BTS’s first major overseas performances since completing mandatory military service in South Korea. The group announced their comeback on July 1, 2025, with all seven members — RM, Jin, Suga, J-Hope, Jimin, V and Jungkook — participating in what has become their largest-scale tour to date.
The tour opened in Seoul on March 21, 2026, and was streamed globally on Netflix, drawing 18.4 million viewers within the first week. The tour is projected to span eight months from May through December 2026, with over 65 performances across multiple continents.
North American dates include the sold-out Las Vegas shows, with additional stops in Los Angeles and other cities. The tour will then move to European and Latin American markets.
The name ARIRANG references a traditional Korean folk song and symbolizes the band’s cultural roots during their return. The setlist features tracks from the new ARIRANG album along with career-spanning hits.
Commercial Impact
Billboard Boxscore data projects that the ARIRANG stadium run will exceed $500 million in total revenue by its conclusion. The tour has reinforced the album’s commercial impact through live performances across multiple continents.
“ARIRANG” has surpassed 10.18 million equivalent album sales globally, making it the most successful release of 2026. The album has generated more than 2.53 billion total global streams.
On its first day, “ARIRANG” logged over 100 million streams on Spotify, marking the biggest album debut on the platform for the year. The album also became the first in history to place all of its tracks on the Billboard Global 200 for seven consecutive weeks.
Physical sales contributed significantly, with nearly 4 million copies sold on the first day. The album debuted in the Top 10 in multiple international markets, including the United States, United Kingdom, Germany and Australia.
Fan and Industry Reaction
The sold-out status in Las Vegas reflects strong demand from the group’s international fan base, known as ARMY. Tickets for the shows sold out rapidly after going on sale.
The Las Vegas residency highlights the continued global popularity of BTS. The group’s ability to fill large stadiums demonstrates sustained commercial power even after a period of individual activities and military service.
Broader Tour Significance
The ARIRANG World Tour marks a significant milestone for BTS as they resume full group activities. The tour’s scale and international reach underscore the group’s status as one of the world’s most successful musical acts.
Performances in Las Vegas will feature state-of-the-art production at the climate-controlled Allegiant Stadium. The shows are expected to include elaborate staging, choreography and fan engagement elements characteristic of BTS concerts.
BTS has consistently ranked among the world’s top-selling artists, with strong performance in both physical and digital formats. The album’s commercial achievements build on the group’s previous records.
The global music industry has seen continued growth in streaming consumption. “ARIRANG” benefits from BTS’ dedicated international fan base, which drives consistent engagement across platforms.
The album’s success highlights the increasing influence of K-pop on worldwide charts. Industry trackers like Chartmasters measure equivalent album sales by combining physical units, track-equivalent albums and streaming-equivalent albums using standardized formulas.
The “ARIRANG” world tour has sold out multiple stadium dates. Billboard Boxscore tracks revenue from ticket sales, merchandise and related income. Projections indicate the tour will rank among the highest-grossing of 2026.
BTS has previously achieved major tour success, with several outings crossing the $100 million mark. The current tour extends this pattern on a larger scale.
Cultural Significance
The album title draws from “Arirang,” a Korean folk song with deep cultural roots. BTS has incorporated traditional elements into modern releases throughout their career. “ARIRANG” continues this approach while appealing to global audiences.
The group’s members have engaged in various solo projects during the hiatus period, contributing to their overall brand strength upon collective return.
Business
CIO Weekly: Interest Rates Come Back Into Focus
Neuberger Berman was founded in 1939 to do one thing: deliver compelling investment results for our clients over the long term. This remains our singular purpose today, driven by a culture rooted in deep fundamental research, the pursuit of investment insight and continuous innovation on behalf of clients, and facilitated by the free exchange of ideas across the organization. From offices in 39 cities across 26 countries, Neuberger Berman manages a range of equity, fixed income, private equity and hedge fund strategies on behalf of institutions, advisors and individual investors worldwide. With 763 investment professionals and 2,850 employees in total, Neuberger Berman has built a diverse team of individuals united in their commitment to client outcomes and investment excellence. Our culture has afforded us enviable retention rates among our senior investment staff, and has earned us citations as first or second (among those with 1,000 or more employees) in the Pensions & Investments “Best Places to Work in Money Management” survey each year since 2014. As a private, independent, employee-owned investment manager, Neuberger Berman is structurally aligned with the long-term interests of our clients. We have no external parent or public shareholders to serve, nor other lines of business to distract us from our core mission. And with our employees and their families invested alongside our clients—plus 100% of employee deferred cash compensation directly linked to team and firm strategies—we are truly in this together. The firm has $538 billion in assets under management as of June 30, 2025. For more information, please visit our website at www.nb.com.For important disclosures: https://www.nb.com/disclosure-global-communications
Business
Markets may have already discounted short-term pain, recovery seen ahead: Dinshaw Irani
“I think things are looking pretty bright. The only overhang for India was obviously the runaway crude prices, thanks to what was happening in the GCC. By the way, one more thing I want to point out is I never wear this shirt very lightly with a bull on my chest as such. We are in for a good run in the markets,” he added.
He added that a resolution in global tensions could ease crude prices, which would significantly support India’s macro stability, especially the current account deficit.
Crude oil remains key macro trigger for India
Irani highlighted that India’s sensitivity to oil prices is high due to large import dependence.
“India has been obviously getting hit not only because of the crude prices being 5 million barrels a day of crude. So, any upsurge in that price really impacts our current account deficit, but we also getting hit on the FPI and FDI becoming almost zero now for us.”
However, he noted that corporate earnings have remained resilient despite macro pressures, surprising positively across segments.
Earnings surprise on the upside across midcaps and smallcaps
Contrary to earlier cautious expectations, earnings growth has come in stronger than anticipated, especially in broader markets.
“The quarterly numbers thus far has been very exciting. In fact, the midcaps have been outlier out here… the numbers are in the mid-20s, the earnings growth is in the mid-20s, same holds out for the smallcap universe. It is in the early 20s as such.”
He further noted that even after adjusting for companies moving from losses to profits, earnings trends remain healthy across the market.
Near-term pressure in Q1, but outlook improves beyond that
While the June quarter may reflect margin pressure due to crude and input costs, Irani expects recovery ahead.
“Obviously, the current quarter will be a trying one given that the crude impact will be felt the most in this quarter… But beyond that, you will see growth coming back to normal, earnings growth coming back to normal.”
He added that markets often discount such phases in advance, which may explain recent volatility.
Rally sustainability: short-term cost pressure vs long-term earnings strength
Addressing concerns on whether the rally is sustainable, he pointed out that Q4 earnings have already surprised positively.
“It has been a pretty healthy number which has come out for the current quarter… already quite a few has started passing the raw material hikes that they are seeing to the end consumer.”
He cited autos and oil & gas as sectors where price transmission has already begun. If this continues, earnings could surprise further on the upside.
Oil marketing companies: risk reduces, earnings may stabilise
On oil marketing companies, Irani noted that the worst may be behind them as price hikes have already been implemented.
“For them to breakeven, so basically now from a huge amount of loss, we are not seeing those kind of losses going forward.”
He added that if crude cools below key thresholds, profitability could improve further, though retail fuel prices typically do not reverse quickly.
Investment stance: selective buying after sharp corrections
On portfolio strategy, Irani said the focus is on opportunities where corrections have been excessive and not fundamentally justified.
“Wherever there have been sharp corrections for no reason, those are the sectors or rather stocks that we are picking up.”
He highlighted interest in new-age companies, discretionary consumption, and engineering/manufacturing-linked (EMS) space, where he believes the correction has been overdone.
Shift towards midcaps and smallcaps; IT remains avoided
He also confirmed a strategic tilt away from largecaps toward mid and smallcap exposure.
“We have moved into mid and smallcaps to an extent… because the growth rates from here on will be very exciting in this category rather than in the largecap space.”
On sector preference:
“It is mainly discretionary space, somewhat a capex space… IT is a total avoid for us even today.”
He warned that artificial intelligence-led disruption could pressure margins and growth in the IT sector going forward.
Outlook: growth cycle ahead if macros stabilise
Summing up the market view, Irani maintained that India is positioned for a strong phase ahead, provided crude stabilises and earnings momentum continues.
“We are in a very good spot today.”
Business
$15m funding boost to redevelop Cottesloe foreshore
A multi-million-dollar funding boost has taken the Cottesloe foreshore redevelopment off the ice, advancing the project five years after a masterplan was finalised.
Business
No Winner in $131 Million Powerball Drawing; Jackpot Rises to $141 Million for Monday
INDIANAPOLIS — No ticket matched all six numbers to win the Powerball jackpot in the drawing held on Saturday, May 23, 2026, leaving the estimated jackpot at $141 million for the next drawing on Monday, May 25.
The winning numbers were 4, 16, 41, 48 and 66, with a Powerball of 26 and a Power Play of 2x.
A single ticket sold in West Virginia matched five numbers plus the Power Play multiplier to win $2 million, the largest non-jackpot prize of the night.
Drawing Results
The Saturday night drawing had an advertised jackpot of $131 million. With no grand prize winner, the jackpot rolls over for Monday’s drawing. Powerball drawings are held every Monday, Wednesday and Saturday at 10:59 p.m. ET.
Players can purchase tickets in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Tickets cost $2, or $3 with the optional Power Play feature.
Prize Structure
While the jackpot went unclaimed, smaller prizes were awarded across the country. The $2 million prize in West Virginia was the top non-jackpot winner for the drawing.
Powerball offers nine ways to win prizes ranging from $1 to the jackpot amount. The odds of winning the jackpot are approximately 1 in 292 million.
Next Drawing Information
The next Powerball drawing is scheduled for Monday, May 25, 2026, with an estimated jackpot of $141 million. The cash value option would be approximately $64 million, depending on final sales and annuity calculations.
Players are encouraged to check their tickets carefully, as unclaimed prizes can be claimed at authorized retailers or state lottery offices depending on the amount won.
Lottery Operations
Powerball is administered by the Multi-State Lottery Association. Proceeds from ticket sales support education, infrastructure, public programs and other initiatives in participating jurisdictions.
The game is one of two major multi-state lotteries in the United States, alongside Mega Millions. Jackpots frequently reach hundreds of millions of dollars and have exceeded $1 billion on multiple occasions in the game’s history.
Recent Trends
Powerball jackpots have grown steadily in 2026 due to strong ticket sales and rollover patterns. Saturday’s drawing continued the pattern of building excitement for larger prizes in subsequent drawings.
Lottery officials remind players that the odds remain the same regardless of jackpot size. Responsible gaming practices are emphasized, with resources available for those who may need assistance with gambling-related issues.
How to Play
Tickets can be purchased at authorized retailers or through official state lottery websites and apps in participating jurisdictions. Players select five numbers from 1 to 69 and one Powerball number from 1 to 26. The Power Play option multiplies non-jackpot prizes.
Drawings are broadcast live and results are posted on official lottery websites shortly after the drawing. Players have up to one year from the date of the drawing to claim prizes in most jurisdictions.
Economic Impact
Lottery sales contribute significantly to state budgets. In addition to direct funding for designated programs, the games generate jobs and economic activity through retail partners and related services.
Memorial Day weekend often sees increased lottery participation as families and travelers purchase tickets during holiday travel. Saturday’s drawing occurred just before the long holiday weekend.
Safety and Verification
Lottery officials advise players to sign the back of tickets immediately after purchase and store them securely. Winning tickets should be claimed in person at appropriate lottery offices for larger prizes.
Players can verify results through official state lottery websites, the Powerball website or authorized apps. Scams involving fake winning notifications are common, and legitimate winnings are never announced via unsolicited calls or emails.
Business
Retired Detective Suggests Mix of Sophisticated Planning and Street Thugs in Abduction
TUCSON, Ariz. — A retired detective has suggested that the disappearance of Nancy Guthrie may involve a combination of sophisticated planning and street-level execution, drawing on a tactic known as a “wrench attack” in which cybercriminals hire thugs to use violence to obtain passwords and financial access.
Lisa J. Miller, a former law enforcement executive at the Colorado Attorney General’s Office, shared her analysis with Fox News Digital as the investigation into Guthrie’s case entered its 16th week with no suspects named.
Nancy Guthrie, the 84-year-old mother of NBC “Today” show co-anchor Savannah Guthrie, was last seen on Jan. 31, 2026. She was reported missing the following day after vanishing from her home in the Catalina Foothills area near Tucson. Authorities believe she was taken against her will.
The FBI and Pima County Sheriff’s Department are leading the investigation. Hundreds of leads have been received, and rewards totaling more than $1 million have been offered for information leading to her safe return or the arrest of those responsible.
Wrench Attack Explanation
Miller described the “wrench attack” concept as originating from a 2009 web comic about a hacker frustrated with cracking passwords. In the comic, the character suggests using physical force to obtain access.
According to Miller, the tactic has moved from fiction to reality in some cases. Sophisticated criminals identify targets through social media or other means, then hire local operatives to carry out physical violence or threats to extract passwords, account access or other information.
She noted that such attacks have occurred frequently in Europe, sometimes involving the abduction of family members and extreme measures. The “masterminds” typically remain behind computers while directing street-level criminals who perform the hands-on work.
Application to Guthrie Case
Miller said the Guthrie case shows elements of both sophistication and amateur execution. She referred to the masked suspect captured on doorbell camera footage as the “porch guy” or “porch monster,” describing him as appearing amateurish.
She suggested the possibility of multiple people involved, potentially including “street-level thugs” hired for the physical act. However, Miller cautioned that the case does not perfectly match a classic wrench attack because the primary target of financial gain would likely be Savannah Guthrie rather than Nancy herself.
Investigation Status
Pima County Sheriff Chris Nanos has said DNA analysis from blood found on Guthrie’s property is progressing. He told People magazine, “I know we have DNA that is unknown, who the contributor or depositor is, but I think they’re getting closer to finding out who that was.”
The FBI released surveillance footage showing a masked man wearing gloves at Guthrie’s door on the night she is believed to have been taken. No arrests have been made, and no suspects have been publicly identified.
Robbie Mayer, another retired Pima County detective who solved the “Prime Time Rapist” case in 1986, has also commented on the volume of leads. Mayer recalled handling more than 4,000 leads in that earlier investigation and suggested the Guthrie case could involve sifting through 50,000 tips to identify the right information.
Mayer theorized that more than one person was likely involved. He suggested it could be connected to a theft group active in Phoenix two years ago that targeted elderly people with money. He noted, “This case is so unique. Most of the time we try and find patterns. We can’t in this case. These guys came prepared not to leave hair or DNA. Look at how that guy was clothed. They turned off their cell phones.”
Mayer expressed confidence in the ongoing investigation. “This is a very high-caliber investigation, and I think the FBI is gonna crack the case,” he said.
Family and Public Appeals
Savannah Guthrie, along with siblings Camron and Annie, have made public appeals for information and the safe return of their mother. The family has cooperated fully with investigators while navigating the high-profile nature of the case.
Civilian searches have been conducted in the Tucson area. One such search on May 7 led to the discovery of an ancient human bone unrelated to the case.
The disappearance has drawn national attention due to Savannah Guthrie’s prominent role in broadcast journalism. The case has raised awareness about elder safety and home security in the region.
Broader Context
The investigation continues to generate theories among former law enforcement officials. Some experts have suggested the possibility of a planned abduction tied to ransom demands or a burglary that escalated. Others have pointed to the potential involvement of multiple suspects coordinating through encrypted communication.
Authorities have urged the public to report any relevant tips while cautioning against interfering with active investigations. The rugged desert terrain around Tucson has complicated search efforts.
Miller expressed hope that someone with knowledge of the crime would come forward. She said she does not believe the perpetrator or perpetrators are invincible and that a breakthrough could come from inside information.
Business
V2X: The Stock Presents A Buying Opportunity In Defense (NYSE:VVX)
I write about companies I find interesting, with the aim of identifying mispricings and overlooked opportunities. My focus is on understanding the underlying business model and how a company makes money, primarily through close reading of company filings and disclosures. I do not limit myself to a fixed sector at this stage and instead analyze businesses across industries, looking for value wherever it appears.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
(PHOTO) Alex Eala Celebrates 21st Birthday with Tennis Friends Including French Open Rival

PARIS — Alex Eala marked her 21st birthday on May 23, 2026, by celebrating with fellow WTA players, including Iva Jovic, her first-round opponent at the French Open.
The Filipino tennis player shared an Instagram post featuring moments from the celebration with her parents, Mike Eala and Rizza Maniego-Eala, and friends Eva Lys, Iva Jovic and Zeynep Sonmez. The post included a caption that read, “21 can you do sum for meeeeeeeeeeee.”
Jovic commented on the post along with Lys and Sonmez. Eala will face Jovic in the first round of the 2026 French Open at Roland Garros.
During a pre-French Open press conference, Eala spoke about the importance of friendships on the tour. She said, “These friendships I have within the tour are very important to me. I don’t know how I would survive the tour without them. They are not just tennis friends; they are friends for truly life. We share many things together all along the year.”
She added, “When we have to play against each other, we know just to separate the professional from the friendship. There is no need to change anything in the relationship.”
Eala’s Career Progress
Eala, ranked in the top 100, has shown steady improvement on the WTA Tour. The 21-year-old has competed in multiple Grand Slams and has gained experience on clay courts leading into the French Open. Her recent performances have included strong showings in European events, building momentum for the major tournament.
The French Open, the only Grand Slam played on clay, begins on May 24 and runs through June 7 at Roland Garros. Eala’s first-round match against Jovic will test her adaptability to the surface and her ability to maintain focus against a friend.
Friendships on the Tour
Eala’s comments highlight a common aspect of professional tennis where players form close bonds despite competing against one another. Many athletes have noted the unique nature of the tour, where travel and shared experiences create lifelong connections.
Jovic, Lys and Sonmez are among the group of young players who have traveled and trained together. Their presence at Eala’s birthday celebration reflects the support network that exists within the WTA locker room.
French Open Preparation
Eala has prepared for the clay-court major with matches on the surface in the lead-up events. The French Open features a 128-player singles draw and is known for its demanding physical and mental requirements. Players must adjust to longer rallies and sliding on the red clay.
The tournament will see top players including defending champion Iga Swiatek and other seeded competitors. Eala’s first-round matchup adds a personal element to the event as she faces a friend and fellow competitor.
Background on Eala
The Filipino player has risen through the rankings with consistent performances. She has represented her country in Fed Cup competition and has gained attention for her powerful baseline game and mental toughness. Turning 21 marks a new chapter as she continues to establish herself among the sport’s rising stars.
Her family has been supportive throughout her career. Mike Eala and Rizza Maniego-Eala have been present at key tournaments, providing encouragement during her development.
Tournament Expectations
The 2026 French Open features a strong field with multiple storylines. Eala’s participation adds to the international diversity of the draw. Organizers expect large crowds at Roland Garros as fans gather for the two-week event.
Broadcast coverage will be available globally, with matches streamed and televised on major networks. The clay surface favors players with strong defensive skills and endurance, qualities Eala has worked to develop.
Broader WTA Context
The WTA Tour has seen increased competition among young players. Eala’s generation is challenging established stars while building their own legacies. Friendships formed on the tour often provide emotional support during the demanding travel schedule.
The French Open serves as a key Grand Slam where careers can be defined. Eala’s first-round match against Jovic will be one of many personal stories unfolding during the tournament.
Fan and Media Interest
Eala’s birthday post generated attention on social media. Fans and fellow players congratulated her while noting the upcoming matchup with Jovic. The moment highlights the human side of professional tennis, where personal celebrations intersect with competitive demands.
The French Open continues to attract global audiences with its rich history and prestige. Eala’s participation adds to the narrative of emerging talents on the sport’s biggest stages.
Business
Earnings call transcript: Ferretti Q1 2026 shows mixed results amid revenue decline

Earnings call transcript: Ferretti Q1 2026 shows mixed results amid revenue decline
Business
JSW Cement shares fall 2% after jumping 14% in two days. Should you buy, sell or hold?
The shares of the cement-maker dropped to Rs 135.76 apiece despite the overall bullish market sentiment on Monday morning. The stock has gained over 10% in one week and 13% year-to-date.
JSW Cement Q4 Results
JSW Cement on Thursday reported a net profit of Rs 362 crore for the fourth quarter of the financial year 2026, marking a whopping 2,162% year-on-year (YoY) surge from just Rs 16 crore net profit reported for the corresponding quarter of the previous financial year. The strong profit surge was mainly due to the lower base of last year, which occurred due to a non-cash, exceptional expense.The company’s consolidated revenue grew 11% YoY to Rs 1,895 crore during the quarter under review, up from Rs 1,709 crore in the same period last year. Along with the Q4 results, the company announced a dividend of Rs 0.5 per equity share with a face value of Rs 10 each for the financial year, which ended on March 31, 2026, subject to shareholders’ approval.
Motilal Oswal on JSW Cement
Motilal Oswal Financial Services maintained its ‘Neutral’ call on the shares of JSW Cement with a target price of Rs 135 apiece. This implies a downside potential of more than 2% from the stock’s previous closing price of Rs 137.99 apiece on NSE.
The domestic brokerage said that the firm’s Q4 results were above its estimates, led by higher-than-estimated realisation and operating EBITDA, which increased 46% YoY.”Management noted that demand was soft in April 2026 due to external factors. However, it is normalising gradually in May 2026 and could become stable going forward. JSW Cement has achieved over 50% of its targeted cost savings so far, and expects to reach 75% by FY27 and fully materialise by FY28, led by an increase in green power share, logistics efficiencies, and premiumisation. It has approved a 2.5mtpa additional grinding capacity at Nagaur (Rs 4.3 billion capex, targeted by January 2028), taking total capacity to 6 mtpa, due to delays in Punjab clearances and the need to optimise clinker utilisation,” it said.
Motilal raised its EBITDA estimates by 3-4% for FY27-28, and profit estimates by 32% for FY27 and 27% for FY28, primarily due to a lower tax rate following the company’s shift to the new tax regime.
JSW Cement reported strong earnings in Q4 FY26, led by strong volume-led growth and better operating performance. However, the near-term outlook remains measured, as soft demand in April and high costs may weigh on margins. JSW Cement’s strategy remains structurally compelling, with a differentiated low clinker ratio, higher GGBS mix, and sharp cost-saving measures (Rs 100/t, annual cost savings over FY27-28). Entry in the north opens a long-term growth runway; however, execution and pricing traction remain key monitorables,” it further said.
JM Financial on JSW Cement
JM Financial maintained its ‘Buy’ rating on the shares of JSW Cement, with a target price of Rs 155 per share. This implies an upside potential of more than 12% from the stock’s previous closing price.
The domestic brokerage said that the company reported strong quarterly earnings for the January-March period. “Management reiterated cement volume growth guidance of mid-to-high teens (excluding the north plant) for FY27, with GGBS expected to outperform industry growth, supporting volume-led expansion. Additionally, the board has further announced a 2.5mtpa grinding unit in Nagaur, Rajasthan, at a capex of Rs 4.3 billion (~$18/t), slated for commissioning by January 2028. Factoring in Q4FY26, we reiterate FY27E–28E EBITDA estimates and maintain BUY with an unchanged target of Rs 155 based on 14x March 2028E EV/EBITDA,” it added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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