Projected Income Statement: Tata Steel Limited

Forecast Balance Sheet: Tata Steel Limited

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 1,013,564 674,789 511,380 716,989 800,013 843,202 801,743 755,611
Change - -33.42% -24.22% 40.21% 11.58% 5.4% -4.92% -5.75%
Announcement Date 6/29/20 5/5/21 5/3/22 5/2/23 5/29/24 - - -
1INR in Million
Estimates

Cash Flow Forecast: Tata Steel Limited

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 103,980 69,786 105,222 141,425 182,066 159,598 141,010 154,817
Change - -32.89% 50.78% 34.41% 28.74% -12.34% -11.65% 9.79%
Free Cash Flow (FCF) 1 97,707 373,481 338,588 7,541 20,941 34,497 145,749 172,646
Change - 282.25% -9.34% -97.77% 177.7% 64.73% 322.5% 18.45%
Announcement Date 6/29/20 5/5/21 5/3/22 5/2/23 5/29/24 - - -
1INR in Million
Estimates

Forecast Financial Ratios: Tata Steel Limited

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) 12.49% 19.52% 26.02% 13.27% 9.73% 11.34% 14.69% 15.41%
EBIT Margin (%) 6.45% 13.61% 22.29% 9.44% 5.42% 6.77% 10.19% 10.85%
EBT Margin (%) -0.17% 8.86% 20.59% 7.49% -0.5% 3.88% 7.67% 8.77%
Net margin (%) 1.11% 4.79% 16.46% 3.6% -1.94% 1.99% 5.26% 6.13%
FCF margin (%) 6.99% 23.9% 13.88% 0.31% 0.91% 1.55% 5.96% 6.73%
FCF / Net Income (%) 627.72% 498.62% 84.32% 8.61% -47.19% 77.95% 113.27% 109.79%

Profitability

        
ROA 2.67% 3.27% 15.13% 3.06% -1.58% 2.6% 5.7% 6.2%
ROE 2.18% 10.97% 42.56% 8.05% -4.55% 4.57% 12.95% 14.56%

Financial Health

        
Leverage (Debt/EBITDA) 5.8x 2.21x 0.81x 2.22x 3.59x 3.34x 2.23x 1.91x
Debt / Free cash flow 10.37x 1.81x 1.51x 95.08x 38.2x 24.44x 5.5x 4.38x

Capital Intensity

        
CAPEX / Current Assets (%) 7.44% 4.47% 4.31% 5.81% 7.94% 7.18% 5.77% 6.04%
CAPEX / EBITDA (%) 59.54% 22.88% 16.57% 43.78% 81.62% 63.28% 39.25% 39.19%
CAPEX / FCF (%) 106.42% 18.69% 31.08% 1,875.41% 869.42% 462.64% 96.75% 89.67%

Items per share

        
Cash flow per share 1 15.37 37.74 36.71 17.75 16.27 12.85 20.65 22.05
Change - 145.62% -2.75% -51.65% -8.3% -21.04% 60.7% 6.78%
Dividend per Share 1 1 2.5 5.1 3.6 3.6 3.626 3.944 3.91
Change - 150% 104% -29.41% 0% 0.73% 8.75% -0.85%
Book Value Per Share 1 64.26 63.22 94.65 84.41 73.78 75.16 81.77 89.97
Change - -1.63% 49.73% -10.82% -12.59% 1.87% 8.8% 10.02%
EPS 1 1.186 6.378 33.21 7.17 -3.62 3.409 10.15 12.5
Change - 437.77% 420.68% -78.41% -150.49% -194.18% 197.66% 23.19%
Nbr of stocks (in thousands) 11,459,304 11,985,893 12,216,159 12,222,312 12,483,532 12,483,527 12,483,527 12,483,527
Announcement Date 6/29/20 5/5/21 5/3/22 5/2/23 5/29/24 - - -
1INR
Estimates
2025 *2026 *
P/E ratio 39.4x 13.2x
PBR 1.79x 1.64x
EV / Sales 1.13x 1.01x
Yield 2.7% 2.93%
More valuation ratios * Estimated data

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Trading Rating
Investor Rating
ESG MSCI
CCC
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
31
Last Close Price
134.40INR
Average target price
151.23INR
Spread / Average Target
+12.52%
Consensus

Quarterly revenue - Rate of surprise

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