INDIA Metals

JSW Steel
Management Interaction and Estimates Revision 17 December 2012

Buy
Target Price: Rs872 CMP: Rs745* Upside: 17%
*as on 14 December 2012

Better times ahead, maintain buy

We interacted with JSW Steel recently and were impressed with the companys resistance to various external constraints through focus on value-addition and aggressive marketing. We see benefits of lower coking coal costs ahead with marginally better product realizations leading to better operating margin. We maintain our volume estimates but revise our EPS estimates upwards by 6%/8.1% for FY13E/14E. We revise our target price upwards to Rs872 and maintain buy rating. Below are the highlights of our interaction and estimates revision:Volumes & Capacity Utilization Production guidance of 8.5 MT maintained for FY13E. Capacity utilization of ~80% possible for FY14E based on current expectations of iron ore situation in Karnataka. Capacity utilization has fallen to ~70% in November on account of planned shutdown of corex capacity and BF3 shutdown for commissioning of 4th stove. Volumes for Q3FY13 should be ~2 MT and overall FY13 volumes should be over and above 8.5 MT. Iron ore supply situation Iron-ore supplies remain low in quality and restricted in volumes but things are improving steadily. Iron ore quality obtained from e-auctions is bad and overall quantity available has reduced. Increased costs are seen on using low quality fines but price reduction by NMDC in Q3FY13 has mitigated the impact. Blended iron ore cost guidance remains at ~Rs3400/tonne. JSW is buying iron ore from Orissa and Chhattisgarh. Transportation costs are ~Rs2000/tonne on bringing ore from these states but the blend of outside ore is not more than 10-15% in the overall mix. On mining resumption in Karnataka, as of now only 4 mines have restarted operations with ~2 MT capacity but others are completing approvals process. JSW sees a total of 7 MT capacity from a total of 17-18 A-category mines coming on-stream by the end of FY13E. B category mines are in the process of completing the R&R process and can help bring in 7-8 MT capacity in FY14E. Together with NMDCs 8-9 MT production in FY14E, JSW expects availability of 23-24 MT iron ore in Karnataka in FY14E which should ensure production at ~80% capacity utilization levels.
YoY (%) 26.1 42.8 9.0 2.6 9.6 EBITDA 46,627 58,575 63,034 70,379 81,411 EBITDA (%) 19.5 17.2 16.9 18.4 19.5 Adj. PAT 17,540 11,151 13,642 20,768 27,498 YoY (%) 9.8 (36.4) 22.3 52.2 32.4 RoE (%) 10.7 6.6 7.7 10.8 12.9

Key Data
Bloomberg Code Reuters Code Current Shares O/S(mn) Diluted Shares O/S(mn) Mkt Cap (Rsbn/USDbn) 52 Wk H / L (Rs) Daily Vol. (3M NSE Avg.) Face Value (Rs) USD = Rs54.5 Stock to Sector Sector to Market JSTL IN JSTL.BO 223.1 223.1 166.2/3 886/462 961,074 10 Outperform Underperform

One Year Indexed Stock Performance

200 180 160 140 120 100 80 60 Dec-11

Feb-12

Apr-12

Jun-12

Aug-12

Oct-12

Dec-12

JSW STEEL LTD

NSE S&P CNX NIFTY INDEX

Price Performance (%)

1M JSTL NIFTY 1.9 5.5 6M 14.5 14.4 1Yr 46.2 26.4

Source: Bloomberg, Centrum Research *as on 14 December 2012 Earning Revision

FY13E Consolidated Rev. Prev (% ) Chg Rev. FY14E Prev (%) Chg 0.5 3.3 8.1 0.0 0.5 3.4

Net Sales (Rsmn) 371,889 371,228 EBITDA (Rsmn) 63,034 61,932 EBITDA % Standalone Steel vol. (mt) EBITDA (Rs/tonne) 8.4 7,198 8.4 7,068 16.9 16.7 PAT-adj (Rsmn) 13,642 12,871

0.2 381,697 379,938 1.8 70,379 68,154 18.4 17.9 6.0 20,768 19,211 0.0 8.8 8.8 7,395

Realizn. (Rs/tonne) 40,772 40,694 Source: Company, Centrum Research

0.2 39,731 39,532 1.8 7,647

Abhisar Jain, CFA abhisar.jain@centrum.co.in 91 22 4215 9928 Y/E Mar (Rsmn) FY11 FY12 FY13E FY14E FY15E Revenue 239,002 341,237 371,889 381,697 418,341

RoCE (%) 8.6 9.8 9.9 10.7 11.7

Adj. EPS 78.6 50.0 61.1 93.1 123.2

PE (x) 9.5 14.9 12.2 8.0 6.0

PB (x) 1.0 1.0 0.9 0.9 0.8

EV/EBITDA (x) 6.6 5.7 5.3 4.9 4.1

Source: Company, Centrum Research Estimates

Please refer to important disclosures/disclaimers in Appendix A

Centrum Equity Research is available on Bloomberg, Thomson Reuters and FactSet

Steel Prices and Demand Prices raised marginally but demand pick-up delayed. JSW has increased steel prices by Rs500-1000/tonne across product categories from Dec onwards based on global price improvements and weaker rupee. Demand pick up has been very slow and usual pick up expected in Nov and early Dec has not happened this year. On the construction side, many projects are still going slow due to expectations of softening interest rates ahead. Overall, demand from key consumer segments of auto and construction remains subdued. Demand is expected to see an increase post softening of interest rates in Q4FY13E. Capex guidance and expansions update Capex of Rs50bn each in FY13E/14E. Expansion and value addition projects remain on schedule. Commissioning of HSM-2 (Phase 2) and Beneficiation plant-2 were completed recently. 4th stove at BF3 has also been commissioned. Other projects on CR mill -2 and 2 MT capacity expansion remain on track for completion in the next two years. Capex guidance for FY13E/14E is ~Rs50bn each. Focus remains on increasing value addition and downstream projects remain on track. 2.25 lakh tpa color coating line at Vasind is expected to be commissioned in H1FY14E. Earnings revised upwards: We have maintained our volume estimates at 8.4MT/8.8MT for FY13E/14E but revised our realizations estimates upwards slightly and lowered our coking coal cost assumptions. We revise our EBITDA estimates upwards for FY13E/14E by 1.8%/3.3%. We also upgrade our consolidated PAT estimates for JSW Steel (without merger of JSW Ispat) by 6%/8.1% for FY13E/14E. Our proforma PAT for JSW Steel-JSW Ispat merged entity stands at ~Rs21.1bn with an adj. EPS of Rs87.2. Valuations Maintain buy: We expect profitability and margins to improve going forward and volumes to sustain on the back of better ore availability and higher demand. We value the proposed merged entity at 5.5x FY14E EV/EBITDA to arrive at a target price of Rs872. Maintain buy.

Pro Forma Consolidated Financials

We see consolidated financials of the merged entity as having lower margin than JSW in the present form. Also debt for the consolidated entity is expected to go up to ~Rs296bn on account of ~Rs78bn additional debt of JSW Ispat coming on the books. Exhibit 1: Pro Forma Financials for FY14E for the merged entity
(Rsmn) JSW Steel-Cons (excl. Ispat) JSW-Ispat JSW steel-JSW Ispat Cons

Sales Volumes (MT) Net Sales EBITDA Margin % Blended EBITDA/tonne (Rs) Interest Depreciation PBT Tax Tax-% PAT O/S Shares (mn) EPS (Rs) Gross Debt Total Cash & cash equivalents
Source: Company, Centrum Research Estimates

8.8 381,697 70,379 18.4 7,963 19,043 23,122 31,257 8,958 28.7 22,370 223 100.3 219,091 41,328

2.7 103,950 10,706 10.3 3,965 9,100 6,500 (4,895) (1,468) 30 (3,426) 2,517 77,859 99

11.5 485,647 81,085 16.7 7,027 28,143 29,622 26,362 5,272 20.0 21,090 242 87.2 296,951 41,427

JSW Steel

Financials
Exhibit 2: Income Statement
Y/E March (Rsmn) Revenues Growth in revenues (%) Raw material consumed % of net sales Employee expenses % of net sales Power & Fuel % of net sales Other expenses % of net sales Total expenses % of net sales EBITDA Y-o-y growth (%) EBITDA Margin (%) Depreciation & Amortisation EBIT Interest expenses Other Income EBT bef. Excep. Items Excep. Items (forex loss/gain) EBT Provision for tax Effective tax rate (%) Profit after tax Minority Interest Sh. in profit/loss of associates Net Profit reported Net Profit adjusted Y-o-y growth (%) Adjusted Net Profit Margin (%) FY11 239,002 26.1 153,386 64.2 6,368 2.7 12,067 5.0 26,888 11.3 192,375 80.5 46,627 14.5 19.5 15,597 31,030 9,454 2,840 24,417 24,417 7,823 32.0 16,594 (239) 707 17,540 17,540 9.8 7.3 FY12 341,237 42.8 223,717 65.6 8,464 2.5 17,519 5.1 37,399 11.0 282,662 82.8 58,575 25.6 17.2 19,332 39,243 14,273 3,213 28,183 (8,249) 19,934 5,002 25.1 14,932 189 (9,366) 5,377 11,151 (36.4) 3.3 FY13E 371,889 9.0 247,836 66.6 8,829 2.4 19,642 5.3 40,196 10.8 308,856 83.1 63,034 7.6 16.9 22,098 40,936 19,105 1,997 23,828 (1,711) 22,117 7,495 33.9 14,622 (97) (2,275) 12,445 13,642 22.3 3.7 FY14E 381,697 2.6 246,132 64.5 7,734 2.0 19,445 5.1 38,007 10.0 311,318 81.6 70,379 11.7 18.4 23,122 47,257 19,043 3,043 31,257 31,257 8,958 28.7 22,299 (71) (1,602) 20,768 20,768 52.2 5.4 FY15E 418,341 9.6 270,528 64.7 8,187 2.0 19,557 4.7 38,659 9.2 336,930 80.5 81,411 15.7 19.5 24,470 56,941 19,473 3,195 40,663 40,663 11,483 28.2 29,180 (53) (1,734) 27,498 27,498 32.4 6.6

Exhibit 4: Cash flow

Y/E March (Rsmn) PBT Interest Depreciation Change in working capital Tax Cash flow from operations Change in fixed assets Change in investments Cash flow from investments Change in equity capital Change in debt Dividends paid Interest paid Cash flow from financing Net cash flow Opening cash balance Closing cash balance FY11 24,417 9,454 15,597 (2,949) 7,823 46,050 49,182 24,796 (73,978) 361 7,403 3,501 9,454 53,870 25,942 1,455 27,397 FY12 19,934 14,273 19,332 (4,265) 5,002 41,872 55,810 (6,735) (49,075) 28,995 1,958 14,273 12,722 5,519 27,397 32,916 FY13E 22,117 19,105 22,098 21,971 7,495 75,619 55,000 (1,508) (53,492) 5,963 4,092 19,105 (17,234) 4,892 32,916 37,808 FY14E 31,257 19,043 23,122 (479) 8,958 62,454 50,000 (50,000) 15,000 4,891 19,043 (8,934) 3,520 37,808 41,328 FY15E 40,663 19,473 24,470 2,931 11,483 74,371 40,000 (40,000) 20,000 6,270 19,473 (5,743) 28,629 41,328 69,957

Source: Company, Centrum Research Estimates

Exhibit 5: Key Ratios

Y/E March Margin Ratios (%) EBITDA Margin PBIT Margin PBT Margin PAT Margin Growth Ratio (%) Revenue EBITDA Net Profit Return Ratios (%) ROE ROCE ROIC Turnover Ratios Asset turnover ratio (x) Debtors (days) Inventory (days) Creditor (days) Per share Ratios (Rs) Basic EPS Fully diluted EPS Book value Cash earnings per share Dividend per share Gearing Ratio (x) Debt-equity Interest coverage ratio Valuation (x) P/E (Fully Diluted) P/BV EV/EBITDA EV/Sales M-cap/Sales FY11 19.5 13.0 10.2 7.3 FY12 17.2 11.5 5.8 3.3 FY13E 16.9 11.0 5.9 3.7 FY14E 18.4 12.4 8.2 5.4 FY15E 19.5 13.6 9.7 6.6

26.1 14.5 9.8

42.8 25.6 (36.4)

9.0 7.6 22.3

2.6 11.7 52.2

9.6 15.7 32.4

Source: Company, Centrum Research Estimates

Exhibit 3: Balance Sheet

Y/E March (Rsmn) Equity Share Capital Pref. Shares Reserves & surplus Shareholders' fund Total Debt Deferred Tax Liability Total Capital Employed Gross Block Less: Acc. Depreciation Net Block Capital WIP Net Fixed Assets Goodwill Investments Cash Trade Receivables Loans & Advances Inventories Total Current Asset Current Liab. & Prov. Net Current Asset Total Assets FY11 2,231 2,790 153,369 164,294 169,134 23,256 358,903 326,839 69,120 257,719 59,825 317,544 10,932 29,138 27,397 9,333 26,577 44,097 107,403 106,115 1,288 358,903 FY12 2,231 2,790 162,081 167,713 198,128 30,412 398,430 414,455 88,451 326,004 28,018 354,022 12,440 20,896 32,916 15,394 47,900 57,983 154,192 143,120 11,072 398,430 FY13E 2,231 2,790 170,434 176,066 204,091 30,412 412,746 469,455 110,549 358,906 28,018 386,925 10,932 20,896 37,808 15,283 29,751 67,694 150,537 156,543 (6,007) 412,746 FY14E 2,231 2,790 186,312 191,943 219,091 30,412 443,623 514,455 133,671 380,784 33,018 413,803 10,932 20,896 41,328 15,686 30,536 68,234 155,784 157,791 (2,007) 443,623 FY15E 2,231 2,790 207,540 213,172 239,091 30,412 484,852 549,455 158,141 391,314 38,018 429,333 10,932 20,896 69,957 17,192 33,467 73,848 194,464 170,773 23,691 484,852

10.7 8.6 10.5

6.6 9.8 12.7

7.7 9.9 11.8

10.8 10.7 13.2

12.9 11.7 14.8

0.7 14.3 83.7 201.3

0.9 16.5 74.9 184.8

0.9 15.0 80.0 185.0

0.9 15.0 80.0 185.0

0.9 15.0 80.0 185.0

78.6 78.6 736.4 148.5 13.5

50.0 50.0 751.7 136.6 7.5

61.1 61.1 789.1 160.2 15.7

93.1 93.1 860.3 196.7 18.7

123.2 123.2 955.4 232.9 24.0

1.0 3.3

1.2 2.7

1.2 2.1

1.1 2.5

1.1 2.9

Source: Company, Centrum Research Estimates

9.5 1.0 6.6 1.3 0.7

14.9 1.0 5.7 1.0 0.5

12.2 0.9 5.3 0.9 0.4

8.0 0.9 4.9 0.9 0.4

6.0 0.8 4.1 0.8 0.4

Source: Company, Centrum Research Estimates

JSW Steel

Appendix A
Disclaimer
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Our Company and Group companies and their officers, directors and employees, including the analysts and others involved in the preparation or issuance of this material and their dependants, may on the date of this report or from, time to time have "long" or "short" positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. Centrum or its affiliates do not own 1% or more in the equity of this company Our sales people, dealers, traders and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. 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JSW Steel

This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its directors or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or any other person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith. Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates have not received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for service in respect of public offerings, corporate finance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some other sort of specific transaction. As per the declarations given by them, Mr. Abhisar Jain, research analyst and and/or any of his family members do not serve as an officer, director or any way connected to the company/companies mentioned in this report. Further, as declared by him, he has not received any compensation from the above companies in the preceding twelve months. Our entire research professionals are our employees and are paid a salary. They do not have any other material conflict of interest of the research analyst or member of which the research analyst knows of has reason to know at the time of publication of the research report or at the time of the public appearance. While we would endeavour to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or Centrum policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances Key to Centrum Investment Rankings: Stock to Sector Sector to Market Outperform Outperform Neutral Underperform Outperform Neutral Neutral Underperform Outperform Underperform Neutral Underperform Accumulate: Add on decline; Reduce: Sell on rise Stock to Sector This is the relative rating of the stock to the sector and reflects its relative attractiveness vis--vis other coverage stocks in the sector. Sector to Market This is the relative rating of the sector vis--vis the other sectors in the coverage space. This is derived based on the conviction of the analyst on a sector and macro view outlined in market strategy. Stock to Market The final rating on the stock is obtained as a combination of the stock to sector and sector to market view as outlined in the table above. Stock to Market Buy Buy Accumulate Neutral Neutral Neutral Reduce Sell Sell

JSW Steel

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JSW Steel