Tatasteel
08.02.2022 - CLSA on Tatasteel Maintain Buy CMP 1194.95 Target 1750(PREVTGT 1820)
08.02.2022 - Jefferies on Tatasteel Maintain Hold CMP 1194.95 Target 1240
08.02.2022 - BOFA on Tatasteel Maintain Buy CMP 1194.95 Target 1430
07.2.2022 - CLSA on Tatasteel Maintain Buy CMP 1184.95 Target 1820
07.02.2022 - Investec on Tatasteel Maintain Buy CMP 1184.95 Target 2000
07.02.2022 - JpMorgan on Tatasteel Maintian Overweight CMP 1184.95 Target 1850
CLSA ON TATA STEEL : 05.08.2021
* CLSA maintains BUY call on Tata Steel, target at Rs 1,750/sh
* BSL Results indicate Further Upgrades
* EBITDA/T Above Estimates, Similar To JSW Steel
* Tata Steel BSL Reported EBITDA/T OF €27,648 Vs Our Estimate Of 24,700/T
* The Beat Is Driven By Higher Realisations
* See Upside Risks To Our & Consensus Estimates
* Maintain Our Positive Stance On The Sector
* China's Efforts To Reduce Steel Prodn Could Help Improve India Utilisations
* Co Is On Our India Focus Buy List
* MAINTAIN BUY TARGET: 1,750
JPMORGAN ON TATA STEEL : 09.07.2021
* Maintain Overweight, Target at Rs 1,610/share
• Substantial upgrades to European steel estimates
• See material upside risk to Tata Europe business over FY22-23
* European steel environment remains very strong
• JPM's Europe steel analyst has increased estimates sharply
• Positive read-through for Tata Steel Europe
JPMORGAN ON TATA STEEL : 07.07.2021
• Maintain Overweight, Target at Rs 1,610/share
* Leverage and sustainability a positive for shareholders
• Continue to see TATA as a re-rating candidate
* Company uses the current super cycle cash flows to repair its balance sheet
* Detailed Strategy Day was broadly positive for equity shareholders
• See a continued earnings upgrade cycle for the company
• India Capacity roadmap to 40MT by 2030, 25MT by 2025
* ESG Focus on CO2 reduction across operations
TATA STEEL Investor Day Highlights : 07.07.2021
* 2020-30 to be about govt spending-led demand for Steel
• Laid out strategic and financial roadmap
• Targeting 40 mn tn capacity by 2030
* Share from long pdts to increase, India to account for 73% vs 57%
• Reducing dependence on iron ore, focus on recycling
• Debt reduction plan intact; target net debt to EBITDA at 2x
• Make EU business self sustaining
• Restructure EU business-to seperate Netherlands and UK biz
• Strong ESG focus
CLSA ON TATA STEEL : 05.07.2021
• Maintain BUY, Target at Rs 1,362/share
* Q1FY22 sales impacted by Covid-19
* Tata Steel reported 1QFY22 India production of 4.6mt, down 3% QoQ
• Driven by strong steel prices expect margins to improve further
• Believe Tata Steel is likely to benefit from higher steel prices
CLSA ON TATA STEEL : 05.07.2021
* MAINTAIN BUY TARGET: 1,462
* CLSA expects margin for Tata Steel to improve further from the decadal high of Q4, maintains Buy rating on the stock
* Reported Q1 India Production Of 4.6 mt, Down 3% QoQ
* Sales Volume Declined 11 % QoQ To 4.2 mt
* Adjusted For Higher Exports, Domestic Sales Fell 16% QoQ
* Expect Margin To Improve Further From The Decadal High Of Q4
* Europe Volume Fell 5% QoQ, But Spreads Higher $300/t QoQ
* Co Will Benefit From Higher Steel Prices In India & Strong Spreads In Europe
CLSA ON TATA STEEL : 17.06.2021
* MAINTAIN BUY TARGET: 1,362
* CLSA maintains Buy rating on Tata Steel with an expectation of Europe being self-sufficient in cashflows in the near term
* Focus On Cash Generation, Cost Savings & Growth
* Europe Should Be Self Sufficient In Cashflows In The Near Term
* Rising Carbon Costs Are A Medium-term Risk
* With A Stronger Balance Sheet & Improving Returns, Reiterate Buy
CLSA ON TATA STEEL : 17.06.2021
• Maintain BUY, Target at Rs 1,362/share
• Focus on cash generation, cost savings and growth
* Strong FCF generation drove down leverage; return ratios improved
* Cashflow pressures eased; rising carbon costs a medium-term concern
* India focus back on growth as balance sheet concerns allayed
* Well-positioned in the current cycle; reiterate BUY
JEFFERIES ON TATA STEEL : 17.06.2021
* Jefferies has a Buy call on Tata Steel with a target of Rs1,500/sh. It says, FY21 annual report shows a rising focus on sustainability & sets out specific targets for 2025/2030
* FY21 Annual Report Shows A Rising Focus On Sustainability
* Annual Report Sets Out Specific Targets For 2025/2030
* India Capacity Expansion Is A Key Strategic Focus
* Co Is Working On Separating The UK & Netherlands Businesses
* UK Defined-benefit Pension Plan Remains In A Large Actg Surplus, Albeit Lower YoY
* MAINTAIN BUY TARGET: 1,500
JPMORGAN ON TATA STEEL : 15.06.2021
* JPMorgan finds Tata Steel to be a perfect candidate for re-rating.
* EU Safeguard Proposals Better Than Expected; Co Well Placed in This Upcycle
* Operating Environment Remains Strong Especially in Europe
• Any Extension In EU Safeguards Will Provide Extended Visibility In Europe's Earnings
• EBITDA Over Next 3 Yrs May Settle At Higher Level Vs Average Of Last Few Years
• Co Is An Ideal Candidate For A Re rating
* MAINTAIN OVERWEIGHT TARGET: 1,610
JPMORGAN TATA STEEL : 15.06.2021
• Maintain Overweight, Target at Rs 1,610/share
• EU safeguard proposals better than expected
* TSE well placed in this upcycle
* Tata Steel focused on debt reduction
* Likelihood of TSE EBITDA over the next 3 years settling
• Believe TATA is an ideal candidate for a re-rating
• Estimate TATA's FY22 net debt will be at a nine-year low
