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Last Updated : Jun 09, 2017 07:58 AM IST | Source: Moneycontrol.com

Buy Jindal Steel & Power; target of Rs 155: Edelweiss

Edelweiss is bullish on Jindal Steel & Power has recommended buy rating on the stock with a target price of Rs 155 in its research report dated May 24, 2017.

 
 
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Edelweiss' research report on Jindal Steel & Power


Jindal Steel & Power's (JSPL) consolidated Q4FY17 EBITDA at INR 15.5bn (up 73% YoY) surpassed consensus primarily on better performance of overseas subsidiaries. We believe, EBITDA CAGR of 32% over FY17-19E will be led by volume ramp up at domestic and international operations despite power PLF remaining at 35% on an average.


Outlook


However, taking cognizance of the delay in commissioning of the blast furnace at Angul, we revise FY18E EBITDA down 9%, while maintaining FY19E EBITDA. Maintain ‘BUY’ with revised TP of INR 155 (earlier INR 160), implying an exit multiple of 6x.


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First Published on May 26, 2017 05:11 pm
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