ICICI Direct's research report on JSW Steel
On the back of completion of capacity enhancements undertaken during H2FY16, JSW Steel registered strong volume growth of 23% YoY in FY17. The sales volume during the year was at 15.8 MT against 12.6 MT in FY16.
Outlook
We value the stock at 6.0x FY19E EV/EBITDA and factor in capex as guided by the management. We factor in the CWIP till FY19E in our valuations at 0.6x book and arrive at a target price of Rs 215. We have a BUY recommendation on the stock.
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