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Bhushan Steel Research Report - 16th Dec 2015

Metals | Published on May 28th 2010

IT

Bhushan Steel (BSL), Indias leading value-added steel producer, has extended its presence in the steel value chain with the commissioning of its 1.9mn tonnes HR steel capacity. We expect BSL to register 26.2% CAGR in volumes over FY2010-15E, on completion of Phase-III expansion by October 2012. This would be sweetened by EBITDA/tonne increasing to US $331 in FY2011E. Being one of the first entrants in auto grade steel in India, BSL with its strategic relationships with OEMs and growing investments by foreign OEMs would witness lower demand risks and uncertainties. With debt/equity expected to decline from 3.3x in FY2009 to 2.0x in FY2012E, we Initiate Coverage on the stock with a Buy recommendation.

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Stock Info

MCAP BSE (Rs in Cr)937.77
MCAP NSE (Rs in Cr)937.77
P/E (x)NM
EPS (Rs.)-121.70
BV (Rs.)200.58
Div Yield (%)0.00
FV (Rs.)2.00
P/BV (x)0.21
EV/Sales (x)3.89
EV/EBITDA (x)22.73

Shareholding Pattern (%)

Promoter59.0
Public & Others37.0
Institution4.0
Corporate0.0
Foreign0.0
Grand Total100.0

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