External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Lloyds Metals & Energy / Equity Bottom-Up

<ul><li>We initiate coverage on Lloyd Metals and Energy (LMEL) with BUY recommendation.</li><li>Key points: 1) Structural iron ore cost advantage compared to peers; 2) capex of INR 327bn for 4.2mpta steel plant likely to be value accretive; 3) various cost initiatives may provide a cumulative benefit of USD 2.4bn over the next 10 years; 4) acquisition of TEIL likely to be cost efficient; and 5) superior returns vs peers.</li><li>Going ahead, we expect EBITDA/PAT CAGR (FY24-31E) of 35% and RoE/RoCE in excess of 23% (best among steel peers).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We initiate coverage on Lloyd Metals and Energy (LMEL) with BUY recommendation.Key points: 1) Structural iron ore cost advantage compared to peers; 2) capex of INR 327bn for 4.2mpta steel plant likely to be value accretive; 3) various cost initiatives may provide a cumulative benefit of USD 2.4bn over the next 10 years; 4) acquisition of TEIL likely to be cost efficient; and 5) superior returns vs peers.Going ahead, we expect EBITDA/PAT CAGR (FY24-31E) of 35% and RoE/RoCE in excess of 23% (best among steel peers).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lloyds Metals and Energy - Catch It Early, Catch It Young