Tata Steel an outperfomer: HDFC Securities
HDFC Securities has maintained its outperfomer rating on Tata Steel with a target price of Rs 224 in its February 26, 2009 research report. “Government has announced 2% reduction in excise duty, thereby lowering the tax impact on steel products from 10% to 8%. The duty cut will bring steel prices down by Rs 500-700, and major domestic players are expected to pass on the benefit to buyers. After Corus acquisition, Tata Steel’s raw material security was reduced to 17%, while financial leverage increased to 1.65x. We are valuing the company at 4x FY10E EPS and derive a target price of Rs 224 (38% upside on the CMP). We continue to maintain our Outperfomer rating on the stock with FY09E and FY10E EPS of Rs 103 and Rs 56 respectively,” says HDFC Securities’ research report.
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