BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
We are raising our FY22-23E earnings per share for JSW Steel Ltd. by 42-48% to factor in improved steel price outlook and accretion from the acquired assets of Bhushan Power and Steel Ltd.
We see the company as a play on volume growth in the Indian steel sector.
Over FY21-23E, we estimate 16% volume compound annual growth rate (excluding Bhushan Power and Steel), which should drive 22%/37% Ebitda/EPS CAGR.
We also estimate net debt to fall by 26% over FY21-23E to Rs 483 billion (1.7 times FY23E Ebitda) despite an ongoing capex program to expand its upstream and downstream steel capacities.
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