TATA STEEL LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 165.8 INR | -1.04% |
|
+2.31% | +18.89% |
| Apr. 26 | Tata Steel to Proceed with 1.25 Billion-Pound Investment in Electric Arc Furnace in UK | MT |
| Apr. 15 | India's steelmakers fall short of investment target due to delays linked to China | RE |
Valuation
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 591,712 | 306,169 | 973,418 | 1,596,681 | 1,277,223 | 2,070,473 | - | - |
| Enterprise Value (EV) 1 | 1,432,012 | 1,319,733 | 1,648,206 | 2,108,061 | 1,994,212 | 2,833,328 | 2,805,640 | 2,738,805 |
| P/E ratio | 5.94 x | 22.7 x | 12.7 x | 3.94 x | 14.6 x | 40.6 x | 15.5 x | 11.2 x |
| Yield | 2.5% | 3.71% | 3.08% | 3.9% | 3.44% | 1.92% | 1.99% | 2.42% |
| Capitalization / Revenue | 0.38 x | 0.22 x | 0.62 x | 0.65 x | 0.52 x | 0.91 x | 0.87 x | 0.81 x |
| EV / Revenue | 0.91 x | 0.94 x | 1.05 x | 0.86 x | 0.82 x | 1.24 x | 1.18 x | 1.07 x |
| EV / EBITDA | 4.87 x | 7.56 x | 5.4 x | 3.32 x | 6.17 x | 12.8 x | 8.28 x | 6.84 x |
| EV / FCF | 8.82 x | 13.5 x | 4.41 x | 6.23 x | 264 x | 84.6 x | 19.5 x | 15.7 x |
| FCF Yield | 11.3% | 7.4% | 22.7% | 16.1% | 0.38% | 1.18% | 5.14% | 6.35% |
| Price to Book | 0.87 x | 0.42 x | 1.28 x | 1.38 x | 1.24 x | 2 x | 1.82 x | 1.65 x |
| Nbr of stocks (in thousands) | 11,459,286 | 11,459,304 | 11,985,893 | 12,216,159 | 12,222,312 | 12,484,011 | - | - |
| Reference price 2 | 52.08 | 26.98 | 81.20 | 130.7 | 104.5 | 165.8 | 165.8 | 165.8 |
| Announcement Date | 4/25/19 | 6/29/20 | 5/5/21 | 5/3/22 | 5/2/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,576,690 | 1,398,166 | 1,562,942 | 2,439,592 | 2,433,527 | 2,286,906 | 2,371,338 | 2,555,965 |
| EBITDA 1 | 293,833 | 174,631 | 305,043 | 634,900 | 323,002 | 222,182 | 338,911 | 400,533 |
| EBIT 1 | 220,415 | 90,223 | 212,706 | 543,891 | 229,650 | 121,849 | 236,427 | 285,678 |
| Operating Margin | 13.98% | 6.45% | 13.61% | 22.29% | 9.44% | 5.33% | 9.97% | 11.18% |
| Earnings before Tax (EBT) 1 | 159,057 | -2,317 | 138,437 | 502,269 | 182,351 | 53,902 | 183,974 | 244,105 |
| Net income 1 | 102,183 | 15,565 | 74,902 | 401,539 | 87,604 | -6,701 | 127,848 | 176,847 |
| Net margin | 6.48% | 1.11% | 4.79% | 16.46% | 3.6% | -0.29% | 5.39% | 6.92% |
| EPS 2 | 8.774 | 1.186 | 6.378 | 33.21 | 7.170 | 4.086 | 10.67 | 14.76 |
| Free Cash Flow 1 | 162,450 | 97,707 | 373,481 | 338,588 | 7,541 | 33,474 | 144,197 | 174,034 |
| FCF margin | 10.3% | 6.99% | 23.9% | 13.88% | 0.31% | 1.46% | 6.08% | 6.81% |
| FCF Conversion (EBITDA) | 55.29% | 55.95% | 122.44% | 53.33% | 2.33% | 15.07% | 42.55% | 43.45% |
| FCF Conversion (Net income) | 158.98% | 627.72% | 498.62% | 84.32% | 8.61% | - | 112.79% | 98.41% |
| Dividend per Share 2 | 1.300 | 1.000 | 2.500 | 5.100 | 3.600 | 3.187 | 3.307 | 4.019 |
| Announcement Date | 4/25/19 | 6/29/20 | 5/5/21 | 5/3/22 | 5/2/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 395,940 | 499,774 | 533,718 | 602,828 | - | 319,642 | 693,235 | 634,301 | 598,775 | 570,836 | 629,615 | 594,897 | 557,489 | 560,906 | 585,749 |
| EBITDA 1 | 82,830 | 141,841 | 161,106 | 164,561 | 325,667 | 158,941 | 150,296 | 149,728 | 60,603 | 40,478 | 72,192 | 51,739 | 50,534 | 47,339 | 62,146 |
| EBIT 1 | 67,040 | 117,917 | 137,860 | 141,673 | - | 137,092 | 127,862 | 130,041 | 10,036 | 19,501 | 48,370 | 27,616 | 27,230 | 23,644 | 33,173 |
| Operating Margin | 16.93% | 23.59% | 25.83% | 23.5% | - | 42.89% | 18.44% | 20.5% | 1.68% | 3.42% | 7.68% | 4.64% | 4.88% | 4.22% | 5.66% |
| Earnings before Tax (EBT) 1 | 55,607 | 93,569 | 119,545 | 141,196 | - | 102,627 | 118,650 | 119,063 | 26,051 | 4,030 | 33,208 | 18,554 | 7,127 | 11,030 | 19,596 |
| Net income 1 | 40,110 | 66,442 | 89,070 | 119,181 | - | 76,834 | 97,562 | 77,650 | 15,144 | -22,238 | 17,049 | 6,340 | 4,587 | 6,000 | 10,074 |
| Net margin | 10.13% | 13.29% | 16.69% | 19.77% | - | 24.04% | 14.07% | 12.24% | 2.53% | -3.9% | 2.71% | 1.07% | 0.82% | 1.07% | 1.72% |
| EPS | 3.186 | 5.719 | 7.413 | 9.908 | - | 6.285 | 7.988 | 6.357 | 1.240 | -1.820 | - | - | 4.000 | 0.1000 | 1.350 |
| Dividend per Share | - | 0.6250 | - | - | - | - | 1.275 | - | - | - | - | - | - | - | - |
| Announcement Date | 2/9/21 | 5/5/21 | 8/12/21 | 11/11/21 | 11/11/21 | 2/4/22 | 5/3/22 | 7/25/22 | 10/31/22 | 2/6/23 | 5/2/23 | 7/24/23 | - | - | - |
1INR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 840,300 | 1,013,564 | 674,789 | 511,380 | 716,989 | 762,855 | 735,167 | 668,332 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.86 x | 5.804 x | 2.212 x | 0.8055 x | 2.22 x | 3.433 x | 2.169 x | 1.669 x |
| Free Cash Flow 1 | 162,450 | 97,707 | 373,481 | 338,588 | 7,541 | 33,474 | 144,197 | 174,034 |
| ROE (net income / shareholders' equity) | 15.8% | 2.18% | 11% | 42.6% | 8.05% | 4.17% | 12.2% | 15.2% |
| ROA (Net income/ Total Assets) | 4.64% | 2.67% | 3.27% | 15.1% | 3.06% | 1.71% | 5.23% | 6.86% |
| Assets 1 | 2,202,701 | 582,058 | 2,290,587 | 2,654,665 | 2,867,374 | -391,421 | 2,444,103 | 2,578,393 |
| Book Value Per Share 2 | 60.20 | 64.30 | 63.20 | 94.70 | 84.40 | 82.80 | 90.90 | 101.0 |
| Cash Flow per Share 2 | 22.10 | 15.40 | 37.70 | 36.70 | 17.70 | 11.20 | 19.40 | 20.90 |
| Capex 1 | 90,910 | 103,980 | 69,786 | 105,222 | 141,425 | 159,912 | 141,076 | 137,955 |
| Capex / Sales | 5.77% | 7.44% | 4.47% | 4.31% | 5.81% | 6.99% | 5.95% | 5.4% |
| Announcement Date | 4/25/19 | 6/29/20 | 5/5/21 | 5/3/22 | 5/2/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
27
Last Close Price
165.8
INR
Average target price
149.7
INR
Spread / Average Target
-9.76%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +18.89% | 24.83B | |
| +0.79% | 42.1B | |
| -21.02% | 21.75B | |
| +13.50% | 21.17B | |
| -7.50% | 20.77B | |
| +6.81% | 9.44B | |
| -12.44% | 8.5B | |
| -23.08% | 8.41B | |
| +36.31% | 8.35B | |
| -.--% | 7.47B |
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