Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Sumitomo Corp (8053 JP) – Air Lease Deal Creates Global No. 2 in Aircraft Leasing

Equity Bottom-Up

<ul>
<li>Sumitomo’s £7.5B (~¥1.46T) UK clean energy investment marks a pivot from trading and resource-linked businesses to long-duration, regulated infrastructure—anchoring its Energy Transformation strategy.</li>
<li>Annual deployment (~¥146B) is ~24% of operating cash flow; funded via SPVs, project finance, and equity partners. Majority of spend is front-weighted through FY2031, earnings back-loaded.</li>
<li>Currently trading at ~5.7x EV/EBITDA, a successful infra scale-up could justify a multiple closer to 6.5–7.0x—in line with peers like Marubeni or Mitsui. ROE uplift is likely beyond FY2028.</li>
</ul>


Sumitomo’s £7.5B (~¥1.46T) UK clean energy investment marks a pivot from trading and resource-linked businesses to long-duration, regulated infrastructure—anchoring its Energy Transformation strategy.
Annual deployment (~¥146B) is ~24% of operating cash flow; funded via SPVs, project finance, and equity partners. Majority of spend is front-weighted through FY2031, earnings back-loaded.
Currently trading at ~5.7x EV/EBITDA, a successful infra scale-up could justify a multiple closer to 6.5–7.0x—in line with peers like Marubeni or Mitsui. ROE uplift is likely beyond FY2028.


Sumitomo Corp (8053 JP): £7.5B UK Clean Energy Pivot to Boost Infra Exposure and Earnings Quality