Motilal Oswal has said sustainable EBITDA margin would likely improve by Rs 2,000–2,500 a tonne over the previous cycle average
JSPL, Steel
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Jindal Steel & Power (JSPL) share price added more than 2 percent in the morning session on December 7 as the metal index outperformed other sectors, gaining over 2 percent.
JSPL was trading at Rs 365.15, up Rs 8.40, or 2.35 percent, at 10.51 am. It touched an intraday high of Rs 368.90 and an intraday low of Rs 359.
Domestic research and broking firm Motilal Oswal has maintained a “buy” call on the stock, with a target of Rs 478 a share, an upside of 34 percent from the current price.
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The company is undergoing a structural change in its ? EBITDA margin, Motilal Oswal analysts said in a recent report. A sustainable EBITDA margin, which is a performance metric that measures a company’s profitability from operations, would likely improve by Rs 2,000–2,500 a tonne over the previous cycle average, the report said.
EBITDA is shorthand for earnings before interest, tax, depreciation and amortisation.
“Over the near term, the steel market remains weak. However, considering the long-term growth plan already under implementation (funded largely through internal accruals), the target to turn net debt zero by March 2023 at the latest, and the mix towards flats improving the blended NSR substantially, we are positive on the stock and maintain a buy rating,” the brokerage said.
“We expect a price recovery in Q4 as pent-up demand and unfinished projects are revived.” The resurgence of COVID, however, remains a key concern, with fears related to the Omicron variant leading to the postponement of consumption, it added.
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