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P e r f o r m s w e l l o n h e a l t h y s a l e s v o l u m e s …
Sesa Goa’s performance in Q3FY12 was above our expectations on the
back of higher-than-expected sales volumes. In Q3FY12, iron ore sales
volumes stood at 5.04 million tonnes (MT) higher by ~5% YoY (our
expectation: 4.0 MT). The iron ore realisation during the quarter under
review stood at | 4743/tonne. The topline during the quarter stood at
| 2617.1 crore (higher by 16.3% YoY). During the quarter under review,
there was forex MTM loss to the tune of | 177.9 crore on outstanding
FCCBs and foreign currency loan, which dented the reported PAT. The
ensuing reported PAT during Q3FY12 stood at | 691.5 crore. The reported
PAT included associate income from Cairn India of | 121.9 crore.
ƒ Sales volumes surprise on positive side
Sesa Goa reported healthy sales volumes in Q3FY12. Sales volumes
stood at 5.04 MT as compared to 4.78 MT (4.36 MT excluding
Odisha) in Q3FY11. At Karnataka, the company sold 0.64 MT of iron
ore in Q3FY12 via the e-auction route.
ƒ Realisations for Q2FY12 higher both QoQ and YoY
Sesa Goa reported healthy realisations for Q3FY12, higher both QoQ
as well as YoY. The company’s iron ore realisations stood at |
4743/tonne (higher by 9% YoY and 24% QoQ).
V a l u a t i o n
At the CMP of | 214, the stock is trading at 6.3x and 7.0x its FY12E and
FY13E EV/EBITDA, respectively. We have valued the stock on an SOTP
basis where we have valued the core business at 3.5x FY13E EV/EBITDA
and assigned a 30% holding company discount to the investment value in
Cairn India Ltd. Thus, we have arrived at a target price of | 204 and
assigned a HOLD rating to the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
P e r f o r m s w e l l o n h e a l t h y s a l e s v o l u m e s …
Sesa Goa’s performance in Q3FY12 was above our expectations on the
back of higher-than-expected sales volumes. In Q3FY12, iron ore sales
volumes stood at 5.04 million tonnes (MT) higher by ~5% YoY (our
expectation: 4.0 MT). The iron ore realisation during the quarter under
review stood at | 4743/tonne. The topline during the quarter stood at
| 2617.1 crore (higher by 16.3% YoY). During the quarter under review,
there was forex MTM loss to the tune of | 177.9 crore on outstanding
FCCBs and foreign currency loan, which dented the reported PAT. The
ensuing reported PAT during Q3FY12 stood at | 691.5 crore. The reported
PAT included associate income from Cairn India of | 121.9 crore.
ƒ Sales volumes surprise on positive side
Sesa Goa reported healthy sales volumes in Q3FY12. Sales volumes
stood at 5.04 MT as compared to 4.78 MT (4.36 MT excluding
Odisha) in Q3FY11. At Karnataka, the company sold 0.64 MT of iron
ore in Q3FY12 via the e-auction route.
ƒ Realisations for Q2FY12 higher both QoQ and YoY
Sesa Goa reported healthy realisations for Q3FY12, higher both QoQ
as well as YoY. The company’s iron ore realisations stood at |
4743/tonne (higher by 9% YoY and 24% QoQ).
V a l u a t i o n
At the CMP of | 214, the stock is trading at 6.3x and 7.0x its FY12E and
FY13E EV/EBITDA, respectively. We have valued the stock on an SOTP
basis where we have valued the core business at 3.5x FY13E EV/EBITDA
and assigned a 30% holding company discount to the investment value in
Cairn India Ltd. Thus, we have arrived at a target price of | 204 and
assigned a HOLD rating to the stock.
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