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Last Updated : Feb 12, 2019 01:37 PM IST | Source: Moneycontrol.com

Buy Tata Steel; target of Rs 780: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Tata Steel has recommended buy rating on the stock with a target price of Rs 780 in its research report dated February 11, 2019.

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Prabhudas Lilladher's research report on Tata Steel


Tata Steel (TATA) reported Q3FY19 earnings in line with our estimates. Adjusted for forex loss, domestic operations reported EBITDA/t in line with our estimate at Rs16,400/t (PLe:Rs16,240/t). TSE delivered EBITDA/t of US$57/t (PLe:US$40) on the back of better spreads and higher income from carbon credit sale. TATA Steel BSL (formerly Bhushan Steel) continue to deliver strong performance with EBITDA/t of Rs11,000/t (PLe:Rs10,950).


Outlook


We reiterate BUY with TP of Rs780, EV/EBITDA 6x FY20e.


For all recommendations report, click here


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First Published on Feb 12, 2019 01:37 pm
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