Motilal Oswal is bullish on JSW Steel recommended buy rating on the stock with a target price of Rs 242 in its research report dated July 25, 2020.
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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