External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Tata Steel reported a strong Q4FY22 performance which stood largely in line with our estimates.</li><li>The company’s revenue increased by 39% YoY and 14% QoQ (in line with our estimate with a slight beat by 1%) but ahead of consensus by 5% at Rs 69,324 Cr</li><li>We ascribe 6.0x, 5.0x and 3.5x multiple to India standalone, other operations (excl standalone) and Europe on FY24E EBITDA to arrive at a 1-year forward TP of Rs 1,700/share (unchanged from our previous TP), implying an upside potential of 35% from the CMP.</li></ul><p><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></p>

Tata Steel reported a strong Q4FY22 performance which stood largely in line with our estimates.The company’s revenue increased by 39% YoY and 14% QoQ (in line with our estimate with a slight beat by 1%) but ahead of consensus by 5% at Rs 69,324 CrWe ascribe 6.0x, 5.0x and 3.5x multiple to India standalone, other operations (excl standalone) and Europe on FY24E EBITDA to arrive at a 1-year forward TP of Rs 1,700/share (unchanged from our previous TP), implying an upside potential of 35% from the CMP.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.

Tata Steel: Strong Q4FY22 Performance; Deleveraging and Growth to Continue

Tata Steel Ltd

Tata Steel: Strong Q4FY22 Performance; Deleveraging and Growth to Continue