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TATASTEEL Consensus Forecast

No. of reports in last year
10
No. of analysts
7
Average Consensus Forecast
1653.9
Consensus Potential
93.12%

TATASTEEL Price Target Potential

BrokerageTargetPotential
Axis Direct170093.37%
Prabhudas Lilladher174593.54%
Motilal Oswal133091.53%
ICICIdirect.com140091.95%
AnandRathi177693.66%

TATASTEEL Ratings

Long term TATASTEEL rating by FrontPage users
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5/5 (3 Ratings)
10 TATASTEEL share price target reports by brokerages below. See what is analyst's view on TATASTEEL share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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TATASTEEL Share Price Target

TATASTEEL Share Price Target - Broker Reports - 2022

Price @ Call: 1344
6-Apr-22
Target: 1700
BUY
Price @ Call: 1183
8-Feb-22
Target: 1745
BUY
Price @ Call: 1183
8-Feb-22
Target: 1330
NEUTRAL

TATASTEEL Share Price Target - Broker Reports - 2021

Price @ Call: 1170
13-Dec-21
Target: 1400
BUY
Price @ Call: 1189
20-Nov-21
Target: 1776
BUY
Price @ Call: 1287
13-Nov-21
Target: 1698
BUY
Price @ Call: 1287
15-Nov-21
Target: 1835
BUY
Price @ Call: 1504
18-Aug-21
Target: 1745
BUY
Price @ Call: 1499.85
18-Aug-21
Target: 1745
BUY
Price @ Call: 1461.3
15-Aug-21
Target: 1565
NEUTRAL
Price @ Call: 1217.8
7-Jul-21
Target: 1500
BUY
Price @ Call: 1198.85
8-Jul-21
Target: 1400
ACCUMULATE
Price @ Call: 1182.35
7-May-21
Target: 1500
BUY
Price @ Call: 1138.9
7-May-21
Target: 1330
ACCUMULATE
Price @ Call: 697.81
11-Feb-21
Target: 800
ACCUMULATE

TATASTEEL Share Price Target - Broker Reports - 2020

Price @ Call: 372.59
14-Oct-20
Target: 500
BUY
Price @ Call: 378.1
9-Oct-20
Target: 500
BUY
Price @ Call: 423.72
17-Aug-20
Target: 300
REDUCE
Price @ Call: 323.37
1-Jul-20
Target: 328
NEUTRAL
While volumes and margins would be impacted in FY21 due to weak domestic demand and adverse sales mix, we expect them to recover to normal levels in FY22. Tata Steel Europe, however, is expected to remain a drag on overall profitability with EBITDA loss expected in FY21 and PAT loss in FY22. Despite curtailing growth capex, we expect net-debt/ EBITDA to remain high at 8.1x in FY21 and 4.7x in FY22. Maintain Neutral with a TP of INR328/sh (based on SOTP).
... Read more
Price @ Call: 323.37
1-Jul-20
Target: 250
REDUCE
Tata Steel (TATA) reported Q4FY20 EBITDA above our/consensus estimates by 12%/8% at Rs46.5bn (up 48% QoQ/down 38% YoY), led by higher than expected earnings in TATA Steel Europe (TSE). While, Indian operations reported earnings in line with our expectation. Stock moved up ~20% over last couple of months in light of improvement in global prices (up 15% from bottom), low input prices and gradual recovery in domestic demand. However, we expect prices to weaken in H2CY20 due to ease in China’s pent-up demand and sharp increase in Chinese steel production. Weak market outlook, coupled with over-stretched debt levels (Net debt/EBITDA of 5.0x on normalized FY22e earnings) and weak overseas asset portfolio, justifies our negative view on the stock. Hence, we maintain Reduce rating with TP of Rs250 (Earlier Rs240), EV/EBITDA of 6.3x FY22e.
... Read more
Price @ Call: 265.22
22-Apr-20
Target: 335
BUY
Tata Steel’s (TSL) Q4FY20 operating performance was marred by COVID19 woes. Key highlights: i) Domestic volume fell 15-19% across business segments, though Tata Steel Europe (TSE) fared better. ii) Inventory build-up evident. and iii) Possible uptick in exports volume (fetching lower realisation) is likely to impact profitability. Going ahead, we expect sustained near-term pressure on volumes and realisations owing to lockdown woes and progressively lower export prices, respectively. Maintain ‘BUY’ with TP of INR335, implying 7.0x June 2021E EBITDA.
... Read more
Price @ Call: 473.6
8-Feb-20
Target: 350
REDUCE
Street is excited on the price hikes undertaken over last couple of months, suggesting bottoming of margins. However, the improvement in margins is significantly lower in comparison to consensus expectation. We would avoid to play the theme of bottomed-out margin through TATA due to over- stretched debt levels (Net debt/EBITDA of 5.0x), diminishing mining margins (due to expiry of chrome ore mines) and weak overseas asset portfolio. Impacted by high debt, TATA is compelled to delay its attractive expansion of 5mtpa at Odisha. In the backdrop of lower margins in domestic and European operations, we cut our EBITDA estimates for FY21E by 3%. Driven by structural issues on B/S and weak outlook on steel prices, we reiterate Reduce with TP of Rs350 (earlier Rs400), EV/EBITDA 5.5x FY21e.
... Read more
Price @ Call: 487
10-Jan-20
Target: 590
BUY
Tata Steel (TSL) reported Q3FY20 operating performance slightly better than our estimates. Key highlights: i) Restocking by dealers led to a volume uptick. ii) We expect exports to stay elevated. iii) At Tata Steel Europe (TSE), sales volume/spreads are expected to stay under pressure. Like its peers, TSL’s spreads for both domestic and overseas operations are likely to bottom out in Q3FY20. Going ahead, we believe a price uptick in both domestic and exports markets would aid margins. Maintain ‘BUY’ with a TP of INR590, implying an exit 5.7x June 2021E EBITDA.
... Read more

TATASTEEL Share Price Target - Broker Reports - 2019

Price @ Call: 398.87
7-Nov-19
Target: 350
REDUCE
Tata Steel (TATA) reported consolidated EBITDA 21%/11% below ours/consensus estimates due to weak operating performance in European operations and losses in domestic subsidiaries. While, standalone earnings came in-line with our expectation. Due to weak margins in TSE and cut in profitability of TATA Steel BSL Ltd (erstwhile Bhushan steel), we cut our EBITDA estimates for FY20E/FY21E by 1.4%/2.3%. Admittedly, spreads have bottomed-out. However, recovery in spreads would be subdued in the backdrop of weak demand, high uncertainty (due to trade wars) and sizeable overcapacity (both in global and domestic). Incrementally, TATA’s margins would be lower by Rs500-550/t due to expiry of chrome ore mines by Q4FY20. Given the overleveraged B/S (Net debt/EBITDA of 4.5x) and weak earnings outlook, we reiterate Reduce with TP of Rs350, EV/EBITDA 5.6x FY21e.
... Read more
Price @ Call: 377.61
23-Sep-19
Target: 450
BUY
Price @ Call: 367.68
12-Aug-19
Target: 489
BUY
Tata Steel Limited has started the process of consolidating India operations. In Europe, the company is implementing a transformation plan which aims to reduceoperating costs, rationalize capex and working capital to increase overall cash flow. The company is expected to benefit from increased government spending and efforts of addressing liquidity crunch. The stock is currently trading at 362 of EV/EBITDA 5.0x of FY21EBITDA. We have valued the stock at 1SD and have arrived at downwardly revised TP of Rs. 489 retaining “BUY” rating on stock with potential upside of 35%. Key risks to valuation are further deepening of trade war and steeper slowdown in domestic economy.
... Read more
Price @ Call: 381.8
8-Aug-19
Target: 350
REDUCE
Europe does the damage; De-rating to aggravate
Despite sharp increase in iron ore prices, steel prices softened by US$20-25/t in last couple of months. In spite of serious trade restrictions imposed on its imports by various countries, China acted in a disciplined manner with reduced export intensity and stable domestic demand. On the contrary, RoW (ex-China), the so called disciplined and earnings focused markets witnessed sharp contraction in demand and prices. This signifies structural downturn in steel sector on the backdrop of underlying weakness in RoW’s demandand peaked-out stimulus fed temporary acceleration in Chinese demand. Given the overleveraged B/S (Net debt/EBITDA of 4.5x) and weak earnings outlook, we reiterate Reduce with TP of Rs350, EV/EBITDA 5.5x FY21e.
... Read more
Price @ Call: 483.15
21-May-19
Target: 618
BUY
Tata Steel Limited and Thyssenkrupp AG of Germany had signed definitive agreements in June 2018 to combine their business in Europe to create a 50:50 joint venture company which could have become second largest steel company in the European continent. However, European Commission expressed concerns and objections on automotive steel and packaging steel. The managements of these companies went back to EC with remedies which were found not sufficient. Expecting the deal to be rejected by European Commission, the management of these two companies decided to call off their proposed joint venture on 10th May 2019. With this development, Tata Steel plan to deleverage and de-consolidate business will get adversely impacted. However, the recent growth in company steel production has been led by strong domestic demand ably supported by moderate recovery in European operations. We have valued the stock on EV/EBITDA 6.3x of FY21E EBITDA for the downwardly revised TP of Rs. 618 with potential upside of 28%.
... Read more
Price @ Call: 548.92
30-Apr-19
Target: 671
HOLD
Going forward, we expect demand from steel consuming sectors to pick up with the conclusion of elections and improvement in liquidity. Besides, focus on high margins automotive sector and making inroads into the oil and gas segment would be margins and realization driver. We remain positive on Tata Steel Limited as it is insulated from current surge in Iron Ore prices where the company has self sufficiency. Retaining our TP of Rs. 671 of ICR (Initial Coverage Report), we have valued the stock at 1 yr forward EV/EBITDA 4.7x of FY21E EBITDA which gives potential upside of 23%. However, key risks to valuation could be weakening of steel demand and lingering of trade war.
... Read more
Price @ Call: 548.92
30-Apr-19
Target: 635
BUY
For Q4FY19, while domestic prices declined QoQ, on an absolute EBITDA basis, Tata Steel’s standalone operations reported a decent performance driven by a healthy volume push. Since February 2019, domestic steel prices have inched upwards, auguring well for the company. We continue to value the company on an SOTP basis and arrive at a target price of Rs 635. We maintain our BUY recommendation on the stock.
... Read more
Price @ Call: 510.1
26-Apr-19
Target: 685
BUY
The stock currently trades at 2.6x FY19 BV (12.8x FY19e EPS of Rs 25.02) and 2.1x FY20 BV (10.7x FY20e EPS of Rs 29.85). With its focus on affordable housing loans and significant total network expansion (189 in 9MFY19; 16 opened since FY18), we expect its loan book to grow by 15.0% in FY20. GOI’s CLSS (Credit Link Subsidy Scheme) would also be a big boost as ~60% of its incremental loans are towards LIG (low income group) and 30-35% to MIG-1 (Mid-income group with salary from Rs 6 lacs up to Rs 12 lacs). NII growth would slow down to 5.3% for FY19, but pick up to 21.2% in current fiscal. Return ratios would see an improvement – ROA and ROE of 2.0% and 22.1% respectively in FY20. Weighing odds, we assign ‘buy’ rating on the stock with target price of Rs 417 (previous target Rs 432) based on 2.8x FY20e BV for a period of 9- 12 months; earnings expected to grow at CAGR 14.8% during FY18-20 period.
... Read more
Price @ Call: 535.3
23-Apr-19
Target: 600
BUY
Tata Steel BSL’s (TS-BSL) Q4FY19 EBITDA of INR7.8bn came in line with our estimate. Key highlights: 1) shipments rose 23% YoY to 1.1mt primarily on higher exports; and 2) EBITDA/t slid 17% YoY to INR6,847 due to flat realisation amidst destocking & higher coking coal costs. We expect the demand headwinds to sustain on weakness in auto sector and the company’s EBITDA/t to stay range-bound between INR6,400 and INR6,800 through to FY21E due to subdued realisation despite TS-BSL’s cost-optimisation initiatives . Maintain ‘BUY’ on Tata Steel (TSL) with TP of INR600 on 6.6x September 2020E EBITDA.
... Read more
Price @ Call: 535.72
12-Apr-19
Target: 625
BUY
We remain positive on Tata Steel on the back of increasing focus on higher margin domestic operations. Tata Steel’s standalone operations benefit from its integrated operations thereby clocking higher EBITDA/tonne vis-à- vis its domestic peers. After the recent correction, since the start of February 2019 both domestic as well as global steel prices have moved upward, auguring well for Tata Steel. Furthermore, with respect to the potential European JV so as to allay EU concerns, both ThyssenKrupp AG and Tata Steel have submitted concessions to European Union regulators in an effort to win antitrust approval for their steel joint venture. Both Tata Steel and ThyssenKrupp have submitted comprehensive solutions for the potential joint venture. The European Union is expected to review the latest set of proposals and announce its decision by June 5. We await the final outcome of the same. Hence, it remains a key monitorable. We introduce FY21 estimates and roll over our valuations. Valuing the stock on an SoTP basis, we arrive at a target price of Rs 625, with a BUY recommendation on the stock.
... Read more
Price @ Call: 469.55
11-Feb-19
Target: 550
BUY
Price @ Call: 469.55
11-Feb-19
Target: 370
SELL
Price @ Call: 469.55
11-Feb-19
Target: 739
BUY

TATASTEEL Share Price Target - Broker Reports - 2018

Price @ Call: 496.86
11-Dec-18
Target: 720
BUY
Price @ Call: 530.78
30-Nov-18
Target: 720
BUY
Price @ Call: 589.15
14-Nov-18
Target: 840
BUY
Price @ Call: 581.25
4-Oct-18
Target: 780
BUY
Price @ Call: 611.09
24-Sep-18
Target: 800
BUY
Price @ Call: 568.1
17-Aug-18
Target: 675
BUY
Price @ Call: 574.12
14-Aug-18
Target: 745
BUY
Price @ Call: 574.12
14-Aug-18
Target: 632
NEUTRAL
Price @ Call: 569.2
14-Aug-18
Target: 770
BUY
Price @ Call: 569.2
14-Aug-18
Target: 730
BUY
Price @ Call: 560.95
3-Jul-18
Target: 700
BUY
Price @ Call: 567.85
2-Jul-18
Target: 903
BUY
Price @ Call: 567.85
2-Jul-18
Target: 815
BUY
Price @ Call: 588.75
12-Jun-18
Target: 710
BUY
Price @ Call: 622.05
17-May-18
Target: 903
BUY
Price @ Call: 622.05
17-May-18
Target: 705
BUY
Price @ Call: 622.05
17-May-18
Target: 830
BUY
Price @ Call: 640.55
22-Feb-18
Target: 778
BUY
Price @ Call: 688.3
19-Feb-18
Target: 895
BUY
Price @ Call: 688.3
19-Feb-18
Target: 985
BUY
Price @ Call: 695.75
16-Feb-18
Target: 885
BUY
Price @ Call: 681.41
9-Feb-18
Target: 778
NEUTRAL
Price @ Call: 681.41
9-Feb-18
Target: 835
BUY

TATASTEEL Share Price Target - Broker Reports - 2017

Price @ Call: 702.73
20-Dec-17
Target: 785
BUY
Price @ Call: 682.1
14-Dec-17
Target: 750
BUY
Price @ Call: 691.75
13-Nov-17
Target: 750
BUY
Price @ Call: 708.9
6-Nov-17
Target: 795
BUY
Price @ Call: 709.18
3-Nov-17
Target: 818
BUY
Price @ Call: 718.8
31-Oct-17
Target: 950
BUY
Price @ Call: 715.4
17-Oct-17
Target: 765
BUY
Price @ Call: 697.15
10-Oct-17
Target: 720
BUY
Price @ Call: 660.2
6-Oct-17
Target: 765
BUY
Price @ Call: 640.15
26-Sep-17
Target: 705
HOLD
Price @ Call: 687.65
21-Sep-17
Target: 818
BUY
Price @ Call: 687.65
21-Sep-17
Target: 765
BUY
Price @ Call: 687.65
21-Sep-17
Target: 900
ADD
Price @ Call: 687.65
21-Sep-17
Target: 720
BUY
Price @ Call: 687.65
21-Sep-17
Target: 750
BUY
Price @ Call: 661.3
12-Sep-17
Target: 720
BUY
Price @ Call: 596.15
14-Aug-17
Target: 690
BUY
Price @ Call: 596.15
11-Aug-17
Target: 687
BUY
Price @ Call: 600
8-Aug-17
Target: 690
BUY
Price @ Call: 600
8-Aug-17
Target: 700
BUY
Price @ Call: 600
7-Aug-17
Target: 720
BUY
Price @ Call: 571
19-Jul-17
Target: 583
NEUTRAL
Price @ Call: 522.93
20-Jun-17
Target: 451
SELL
Price @ Call: 484
18-May-17
Target: 550
BUY
Price @ Call: 473
7-Feb-17
Target: 410
SELL
Price @ Call: 472
14-Feb-17
Target: 637
BUY
Price @ Call: 475
8-Feb-17
Target: 500
HOLD

TATASTEEL Share Price Target - Broker Reports - 2016

Price @ Call: 331
11-Apr-16
Target: 301
REDUCE
Price @ Call: 325
26-May-16
Target: 294
SELL
Price @ Call: 325
27-May-16
Target: 298
SELL
Price @ Call: 322
26-May-16
Target: 335
HOLD
Price @ Call: 426.5
14-Nov-16
Target: 340
SELL
Price @ Call: 393
16-Nov-16
Target: 308
REDUCE
Price @ Call: 395
15-Nov-16
Target: 350
SELL
Price @ Call: 374
13-Sep-16
Target: 241
SELL
Price @ Call: 374
14-Sep-16
Target: 294
REDUCE
Price @ Call: 373.6
14-Sep-16
Target: 325
SELL
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SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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