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Last Updated : Mar 20, 2019 03:40 PM IST | Source: Moneycontrol.com

Buy Jindal Steel and Power; target of Rs 287: Motilal Oswal

Motilal Oswal is bullish on Jindal Steel and Power has recommended buy rating on the stock with a target price of Rs 287 in its research report dated March 19, 2019.

Broker Research @moneycontrolcom
 
 
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Motilal Oswal's research report on Jindal Steel and Power


Increase in the production run-rate at Angul in 4QFY19 offers visibility of ~22% volume growth for the standalone company in FY20. Coal gasification and DRI units, too, have restarted operations. Moreover, the third battery of the 500ktpa coke oven unit is in the advance stage of commercial production, which will substitute coke imports, and thus, reduce costs. FCF generation is improving. Management remains focused on monetization of assets in the global venture and deleveraging. The stock trades attractively at a cash P/E of 3.6x. Power business, too, can secure PPAs, with DISCOMs now starting to invite bids. Maintain Buy.


Outlook


The stock trades at an attractive valuation of 6.4x FY20E EV/EBITDA, 3.6x cash P/E and an FCF yield of ~16%. We value the stock at INR287 (SOTP-based).


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Mar 20, 2019 03:40 pm
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