SAIL
11.01.2022 - Kotak Inst Eqt on SAIL Downgrade to reduce from Buy, TP Rs 110
BROKERAGE RADAR JPMORGAN ON SAIL : 09.08.2021
* JPMorgan on SAIL: Maintain Neutral, Target at Rs 150/share
• Strong Q1, but near-term impact from coking coal
• Upside risks to H2 from China production cuts
• Steel prices holding out at higher levels
* SAIL's net debt/EBITDA at -2x allows balance sheet flexibility
JPMORGAN ON SAIL : 09.08.2021
* JPMorgan maintains NEUTRAL call on SAIL, target at Rs 150/sh
* Reported À Strong Q1. But Higher Coking Coal Would Impact Q2 Sharply
* With Steel Prices Holding Out At Higher Levels, There Is Upside Risk To Our FY22/23 Est
* Chinese Steel Production Cuts Continue And Steel Prices Rebound In H2
* Co's Net Debt/EBITDA At 2x Allows B/S Flexibility To Pursue Growth Capex
* Actual Spending Is Unlikely To Start in A Material Way Before FY23-24
* MAINTAIN NEUTRAL TARGET: 150
MOTILAL OSWAL ON SAIL : 14.06.2021
• Maintain BUY, Target at Rs 185/share
• SAIL is biggest beneficiary of improved pricing
* Deleveraging to remain strong
* EBITDA up 21% QoQ despite a wage revision hit
• Profitability to improve on higher NSR
* Value the stock at 5x FY23E EV/EBITDA
CITI ON SAIL : 14.06.2021
* MAINTAIN BUY TARGET: 185(PREVIOUS TARGET: 110)
* Citi raises FY22-23 EBITDA estimates for SAIL on higher volume & prices.
• Valuations Supportive, Trades At 1x 1-yr Fwd P/B
• Estimate FY22 RoE At 19%, Highest Since FY11
• Raise FY22-23 EBITDA Estimates On Higher Volumes & Prices
JPMORGAN ON SAIL : 14.06.2021
* MAINTAIN NEUTRAL TARGET: 135
* Strong Q4 for SAIL, but margin should ease given coking coal spike, JPMorgan
* Strong Q4, But Margin Should Ease Given Coking Coal Spike
* Net Debt Should Reduce Further
* Like SAIL's Deleveraging Story
* Neutral Call As Stock Had Sharp Run-up & There's Seasonal Weakness In Steel
