Prabhudas Lilladher is bullish on Jindal Steel and; Power has recommended buy rating on the stock with a target price of Rs 230 in its research report dated February 05, 2019.
Prabhudas Lilladher's research report on Jindal Steel & Power
Jindal steel & Power (JSP) reported Q3FY19 earnings in line with our estimates. Strong performance in domestic steel operations negated by weaker show in Jindal Power (JPL) and Oman steel operations. Domestic steel operation’s unitary EBITDA margins expanded 5% QoQ to Rs11,574 (PLe:Rs10,336), driven by better than expected realisations. Angul (BF +BoF) steel operations finally stabilized in January reaching 90% levels missing guidance by more than a year.
We reiterate BUY with TP of Rs230, EV/EBITDA of 6.5x FY20e.
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