Motilal Oswal 's research report on JSW Steel
JSW Steel’s (JSTL) 1QFY21 results reflect the adverse impact of COVID-19 on steel demand and prices as consol. EBITDA declined 55% QoQ to INR13.4b. We expect an increase in domestic steel prices, supported by improving domestic demand and international prices which should improve margins in 2QFY21. We maintain our FY21E/FY22E estimates. Maintain Buy.
We value JSTL at 7.0x FY22E EV/EBITDA to arrive at TP of INR242/share. Maintain Buy.
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