NMDC
11.02.2022 - Jefferies on NMDC Maintain Neutral CMP 159 Target 175
12.01.2022 - JpMorgan on NMDC Maintain Overweight Target 210
JPMORGAN ON NMDC : 14.07.2021
* MAINTAIN NEUTRAL TARGET: 210
* JPMorgan has a Neutral rating on NMDC. Its target of Rs 210 reflects Rs 36/sh of steel plant value (50% discount to invested value)
* Start Of Steel Plant De-merger Positive As It Limits Liability To Co From Steel Plant Losses
* Our Current Tgt Of *210 Reflects 36/sh Of NISP value, At A 50% Discount To Invested Value
* Stock Price Is Likely Reflecting Zero Equity Value For The Steel Plant
CITI ON NMDC : 14.07.2021
* MAINTAIN NEUTRAL TARGET: 195
* Citi maintains Neutral call on NMDC after co's board approved demerger of steel plant. It says, demerger could help unlock value for iron ore biz
* Proposed Demerger Of Steel Plant Could Help Unlock Value For Iron Ore Biz
• Would Stay On Sidelines As Domestic Ore Prices May Not Rise Further In Near Term
• At 4x 1-yr fwd EV/EBITDA On Consensus, Co Trades In line With Global Peers
NMDC OFS floor price at Rs 165/share; govt selling ~7.5% stake : 06.07.2021
Total OFS Size, Including Greenshoe, At 7.49% Eq
* Govt announces OFS of 11.72 cr shares or 4% eq with greenshoe option of 10.22 cr shares
• Total OFS size, including greenshoe, at 7.49% eq
* OFS open for non retail investors on 6th July, retail investors on 7th July
* Alert: Govt currently owns 68.29% stake in company
CITI on NMDC : 02.07.2021
* Further mgmt expects iron ore prices to correct during monsoon, but rebound & stabilize post.
* At 5x 1-yr fwd EV/EBITDA on consensus, trades in-line with its 1-yr fwd mean since 2012 & a premium to global peers (4x)
CITI ON NMDC : 01.07.2021
* MAINTAIN NEUTRAL TARGET: 195
* Prices may not rise further as it's at only 4% discount to import parity, NMDC expects iron ore prices to correct during the monsoon, Citi says, maintains NEUTRAL on the stock
* Prices May Not Rise Further As It's At Only 4% Discount To Import Parity
* Domestic Ore Supply Should Likely Improve
* Co Expects Iron Ore Prices To Correct During The Monsoon
* It's Trading At A Premium To Global Peers
JPMORGAN ON NMDC : 24.06.2021
• Maintain Neutral, Target at Rs 210/share
* Strong near-term earnings, but likely the peak
* Cash usage, steel plant de-merger key to re rating
* Stock is admittedly cheap at 8x FY23E (Normalized) P/E
JPMORGAN ON NMDC : 24.06.2021
* MAINTAIN NEUTRAL TARGET: 210
* JPMorgan maintains NEUTRAL call on NMDC, target at Rs 210/sh
* Strong Near-Term Earnings, But Likely the Peak
* Cash Usage, Steel Plant De Merger Key To Re-rating
* Believe Earnings Will Peak In H1FY22
* Forecast EBITDA To Fall 30% In FY23
CS ON NMDC : 24.06.2021
* DOWNGRADE NEUTRAL TARGET: 200
* Credit Suisse downgrades NMDC to NEUTRAL, target raised to Rs 200/sh
* Fairly Valued As Peak Ore Prices Behind Us
* Expect Domestic Ore Prices To Fall Through FY22
* Raise FY22 Fines Price To *5,100/t; FY22e EPS Rises 22%
* Cut Multiple To 4.5x From 5x EV/EBITDA On Peak Earnings
* Steel Plant Commissioning Remains A Key Catalyst
