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Buy JSW Steel, target of Rs 1005: India Infoline
India Infoline has recommended a buy rating on JSW Steel with a target price of Rs 1005. Consolidate PAT for the first time was higher than standalone PAT on account of the improvement in its US operations.
India Infoline has recommended a buy rating on JSW Steel with a target price of Rs 1005 in its August 1, 2008 research report."Consolidate PAT for the first time was higher than standalone PAT on account of the improvement in its US operations. Consolidated PAT fell 45.8% yoy to Rs 2.5 billion, higher than the standalone PAT of Rs 2.2 billion. Consolidated revenue surged 85.9% yoy to Rs 44.6 billion from Rs 23.9 billion in the corresponding period last year. Operating profit increased 53.2% yoy to Rs 11.9 billion from Rs 7.7 billion in Q1 FY08."
"We expect consolidated EPS to report a CAGR of 35.8% over FY08-10 led by robust volume growth and improved realizations. At CMP Rs 734, the stock trades at P/E of 6.0x and 4.5x on consolidated EPS of Rs121.4 in FY09E and Rs 163.6 in FY10E respectively. We recommend a BUY with a target price Rs 1005 based on 5X FY10E consolidated EV/EBIDTA," says India Infoline's research report.
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