Monet Ispat Stock Analysis

Buy Recomm closingation: Monnet Ispat & elan vital Ltd. Current determine: 517. Price Target: 1,272 [Upside 146%] By FY13E Kuber Sharma[Columbia Business School11] May 2011 Monnet Ispat Energy Ltd. (MIEL) is the second largest sponge iron producer in the terra firma with current sponge iron capacity of 860ktpa and steel make capacity of 300ktpa at its plants in Raipur and Raigarh [Central India] Adjusted Net gross EBITDA Adjusted Net Profit EPS RoAE RoCE RoCE, ex CWIP FY11E EBITDA 2,140.6 2,903.5 FY 09 1,575.6 358.9 228.9 18.2% 15% 18% FY 10 1,518.7 445.3 246.9 36.8 17.1% 18% 24% Rs/ Share 698.2 176.5 (300.9) (8.6) 823.4 5.00 19.3 (141.3) 1,271.6 146% FY 11E 1,868.1 504.4 262.4 39.1 14.9% 14% 32% FY 12E 3,380.2 983.6 441.0 65.7 20.7% 13% 29% FY 13E 3,989.2 1,040.5 430.3 64.1 17.0% 10% 21% Rs mn Steel condition ex Angul Net debt Dividend per share 4.3 Power - Angul Stake in Rameshwaram Steel & Power Ltd Stake in Orissa lave Ltd forgather discount FY12 E FY13 E EV/ EBITDA EBITDA EBITDA 7,525.0 8,519.0 5.5 2,311.4 1,886.1 6.3 4.3 16,109 6.3 EV 46,854.6 11,842.6 (20,193.8) 101,149.8 Comments Lower end of EV/EBITDA of stocks covered by analysts. Lower end of EV/EBITDA of stocks covered by analysts. Debt on uncommissioned plants not counted.

508.7 Target legal injury Upside Monnets plump for is 87.5%. Assuming CoE and CoD as 13.3% and 10.5% respectively Monnets hazard is 97%. Assuming BV of Equity at 346 million Monnets stake is 14.9%. Taking Mcap at 8.67B 20.5% 19.2% 10% discount - conservative speculation 18.0% 23.0% Not including pig-iron sales and 35.4% 34.2% 11.9% 27.9% At current market damage of Rs 517, Monnets stock is trading at P/BV of 1.6 and FY13E P/E of 8 vis-à-vis industry average of 9.8. Additionally, we are getting Monnets stake in Angul power plant, Rameshwaram Steel and Orissa Sponge for FREE!!! Analyst: Kuber Sharma, 2nd Year MBA Candidate at Columbia Business School Cell: 508 409 1758 Email:... If you motivation to get a full essay, order it on our website: Orderessay

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