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Subscribe to Shyam Metalics and Energy: Geojit

Geojit has come out with its report on Shyam Metalics and Energy. The research firm has recommended to ''Subscribe'' the ipo in its research report as on June 11, 2021.

June 14, 2021 / 11:56 AM IST
IPO (Representative image)

IPO (Representative image)

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Geojit IPO report on Shyam Metalics and Energy

Shyam Metalics and Energy Ltd (SMEL) is a leading integrated metal producing company focusing on long steel products and ferro alloys with the ability to sell intermediate and final products across the steel value chain. Incorporated in 2002, they are amongst the largest producers of ferro alloys in terms of installed capacity in India, as of February 2021. As of March 31, 2020, they were one of the leading players in terms of pellet capacity and the fourth largest player in the sponge iron industry in terms of sponge iron capacity in India. They currently operate three manufacturing plants that are located at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.

Valuation and Outlook

At the upper price band of Rs.306, SMEL is available at EV/EBITDA of 9.1x (FY21 annualized) which appears fully priced. We assign a Subscribe rating, with a short to medium term perspective due to optimistic international prices and rise in domestic demand.

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