External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Steel Authority of India / Equity Bottom-Up

<p>With steel prices at a record high, SAIL is poised to post its best ever EBITDA/t of ~INR20,000 in 1QFY22. We upgrade our FY22E/FY23E EBITDA estimate by 71%/33% to factor in higher steel prices, and estimate a further INR102b (INR25/share) fall in net debt to INR265b (1x EBITDA) in FY22E. We expect dividend payout to be strong at INR10/share in FY22E (7.5% yield), based on an expected 25% payout ratio. Reiterate Buy....</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

With steel prices at a record high, SAIL is poised to post its best ever EBITDA/t of ~INR20,000 in 1QFY22. We upgrade our FY22E/FY23E EBITDA estimate by 71%/33% to factor in higher steel prices, and estimate a further INR102b (INR25/share) fall in net debt to INR265b (1x EBITDA) in FY22E. We expect dividend payout to be strong at INR10/share in FY22E (7.5% yield), based on an expected 25% payout ratio. Reiterate Buy....Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Steel Authority of India

Biggest beneficiary of improved pricing