Financials JSW Steel Limited

Equities

JSWSTEEL

INE019A01038

Iron & Steel

Market Closed - Bombay S.E. Other stock markets 06:00:50 2024-04-26 am EDT			5-day change	1st Jan Change
886.6 ^INR	-2.09%		+2.47%	+0.70%

Apr. 24	Indian Equities End Higher Midweek as Iran-Israel Conflict Subsides	MT
Apr. 22	Indian Equities Close Higher on Monday as Israel-Iran Tension Eases	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	704,665	351,731	1,123,928	1,762,464	1,651,666	2,156,734	-	-
Enterprise Value (EV) ¹	979,695	753,581	1,521,788	2,310,924	2,232,896	2,914,608	2,884,096	2,820,466
P/E ratio	9.27 x	8.79 x	14.3 x	8.57 x	40.1 x	20.5 x	14.5 x	12.1 x
Yield	1.4%	1.37%	1.39%	2.37%	0.49%	0.7%	0.88%	1.01%
Capitalization / Revenue	0.83 x	0.48 x	1.41 x	1.2 x	1 x	1.24 x	1.12 x	1.01 x
EV / Revenue	1.16 x	1.03 x	1.91 x	1.58 x	1.35 x	1.67 x	1.5 x	1.32 x
EV / EBITDA	5.17 x	6.35 x	7.56 x	5.92 x	12 x	10 x	8.23 x	7.01 x
EV / FCF	22.1 x	-3,014 x	16 x	14.3 x	26.1 x	476 x	32.5 x	18.9 x
FCF Yield	4.52%	-0.03%	6.26%	7%	3.82%	0.21%	3.07%	5.28%
Price to Book	2.02 x	0.96 x	3.02 x	2.61 x	2.48 x	2.89 x	2.48 x	2.11 x
Nbr of stocks (in thousands)	2,406,232	2,401,711	2,402,326	2,405,766	2,400,504	2,432,590	-	-
Reference price ²	292.8	146.4	467.8	732.6	688.0	886.6	886.6	886.6
Announcement Date	5/24/19	5/22/20	5/21/21	5/27/22	5/19/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	847,570	733,260	798,390	1,463,710	1,659,600	1,745,136	1,922,355	2,130,150
EBITDA ¹	189,520	118,730	201,410	390,070	185,470	291,147	350,394	402,145
EBIT ¹	149,110	76,270	154,620	330,060	110,730	213,352	266,401	305,384
Operating Margin	17.59%	10.4%	19.37%	22.55%	6.67%	12.23%	13.86%	14.34%
Earnings before Tax (EBT) ¹	111,980	30,130	120,150	297,450	56,550	146,117	202,147	243,119
Net income ¹	76,390	40,300	79,110	206,650	22,350	103,309	147,123	177,141
Net margin	9.01%	5.5%	9.91%	14.12%	1.35%	5.92%	7.65%	8.32%
EPS ²	31.60	16.67	32.72	85.49	17.14	43.28	60.94	73.19
Free Cash Flow ¹	44,270	-250	95,310	161,790	85,390	6,121	88,675	148,876
FCF margin	5.22%	-0.03%	11.94%	11.05%	5.15%	0.35%	4.61%	6.99%
FCF Conversion (EBITDA)	23.36%	-	47.32%	41.48%	46.04%	2.1%	25.31%	37.02%
FCF Conversion (Net income)	57.95%	-	120.48%	78.29%	382.06%	5.93%	60.27%	84.04%
Dividend per Share ²	4.100	2.000	6.500	17.35	3.400	6.178	7.809	8.925
Announcement Date	5/24/19	5/22/20	5/21/21	5/27/22	5/19/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	218,590	269,340	289,020	325,030	380,710	468,950	380,860	417,780	391,340	469,620	422,130	428,112	424,316	443,432
EBITDA ¹	59,460	84,400	105,970	110,200	91,540	91,840	43,090	17,520	45,470	79,390	70,460	74,586	67,533	58,768
EBIT ¹	47,160	71,870	-	97,810	73,900	73,690	25,310	-530	26,650	-	51,460	57,222	48,729	39,040
Operating Margin	21.57%	26.68%	-	30.09%	19.41%	15.71%	6.65%	-0.13%	6.81%	-	12.19%	13.37%	11.48%	8.8%
Earnings before Tax (EBT) ¹	38,860	62,720	86,190	97,910	62,610	50,740	12,810	-8,530	9,780	42,490	35,140	38,507	27,832	22,355
Net income ¹	26,810	41,980	59,040	71,700	43,570	32,340	8,380	-8,480	4,900	36,640	23,380	26,149	20,504	14,999
Net margin	12.26%	15.59%	20.43%	22.06%	11.44%	6.9%	2.2%	-2.03%	1.25%	7.8%	5.54%	6.11%	4.83%	3.38%
EPS ²	11.09	17.37	24.42	29.67	18.02	13.38	3.460	-3.530	2.030	-	9.670	11.02	9.000	6.100
Dividend per Share	-	6.500	-	-	-	17.35	-	-	-	-	-	-	-	-
Announcement Date	1/22/21	5/21/21	7/23/21	10/21/21	1/21/22	5/27/22	7/22/22	10/21/22	1/20/23	5/19/23	7/21/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	275,030	401,850	397,860	548,460	581,230	757,873	727,362	663,732
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.451 x	3.385 x	1.975 x	1.406 x	3.134 x	2.603 x	2.076 x	1.65 x
Free Cash Flow ¹	44,270	-250	95,310	161,790	85,390	6,121	88,675	148,876
ROE (net income / shareholders' equity)	24.3%	11.3%	19.1%	37.5%	5.58%	14.6%	17.6%	18.4%
ROA (Net income/ Total Assets)	7.38%	3.92%	5.69%	12.3%	1.82%	6.46%	8.25%	9.09%
Assets ¹	1,034,660	1,028,271	1,391,190	1,675,939	1,227,145	1,598,562	1,783,251	1,949,421
Book Value Per Share ²	145.0	152.0	155.0	280.0	277.0	307.0	357.0	421.0
Cash Flow per Share ²	60.50	52.90	77.70	109.0	96.50	76.90	109.0	114.0
Capex ¹	102,060	128,100	92,580	100,910	147,840	185,254	185,006	162,852
Capex / Sales	12.04%	17.47%	11.6%	6.89%	8.91%	10.62%	9.62%	7.65%
Announcement Date	5/24/19	5/22/20	5/21/21	5/27/22	5/19/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for JSW Steel Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

886.6 INR

Average target price

847.1 INR

Spread / Average Target

-4.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
JSW STEEL LIMITED	+0.70%	25.86B
BAOSHAN IRON & STEEL CO., LTD.	+19.56%	21.28B
CHINA STEEL CORPORATION	-9.07%	11.73B
JINDAL STEEL & POWER LIMITED	+24.56%	11.2B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+11.54%	10.91B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+10.96%	10.15B
TERNIUM S.A.	+2.61%	8.56B
BHARAT FORGE LIMITED	+5.78%	7.32B
JINDAL STAINLESS LIMITED	+22.56%	6.92B
BLUESCOPE STEEL LIMITED	-3.33%	6.52B

Iron, Steel Mills & Foundries