72.30 -2.75 (-3.66%)
The 4 reports from 1 analysts offering long term price targets for JSW Energy Ltd. have an average target of 65.00. The consensus estimate represents a downside of -10.10% from the last price of 72.30.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-08-01||JSW Energy Ltd. +||Motilal Oswal||45.90||65.00||45.90 (57.52%)||Target met||Buy|
1 August 2020 JSW Energy (JSWE)s results reflected the impact of lower merchant sales volumes due to lower power demand and merchant prices. At a consolidated level, EBITDA was down 8% YoY to INR7.5b. Debt reduction continues, with net debt (incl. acceptances) declining ~INR1.6b during the quarter. Interest cost also decreased by 11% YoY. Furthermore, FCF generation would continue to be strong given ~80% of JSWEs capacity is under long-term PPAs. account of lower short-term sales. Short-term sales volumes declined 83% YoY to 123MU. Interest cost fell 11% YoY to INR2.5b given the debt reduction. Other income was up 58% YoY to INR0.8b, led by write-backs of INR0.3b.
|2020-05-20||JSW Energy Ltd. +||Motilal Oswal||40.15||64.00||40.15 (80.07%)||Target met||Buy|
20 May 2020 JSW Energy (JSWE)s results reflected an improved performance in the S/A business YoY, aided by lower interest costs on account of debt reduction. At a consol level, EBITDA rose 21% in 4QFY20. The acquisition of Kamalanga has been put on hold given the uncertainty surrounding recovery in power demand. While we see prudence in JSWE wanting to hold on to cash in the near term, if growth opportunities do not emerge or dividend payout is not increased, concerns may arise over capital allocation. account of higher short-term sales and lower base of the previous year for S/A (due to the timing effect in coal prices and tariff, in our view). Short- term sales volume rose 30% YoY to 736MU. Interest cost declined 10% YoY to INR2.5b given the debt reduction. PBT came in at INR0.9b (v/s INR0.1b in 4QFY19). For FY20, EBITDA/Adj. PAT was up 4%/20% YoY at INR29.6b/8.
|2020-02-18||JSW Energy Ltd. +||Motilal Oswal||65.70||78.00||65.70 (10.05%)||7.88||Buy|
18 February 2020 JSW Energy (JSWE) has signed a share purchase agreement to acquire GMR Kamalanga (1,050MW). We see the transaction as value accretive for JSWE, given the strategic location of the plant, room for merchant volumes, and the companys ability to reduce interest and O&M; costs post acquisition. We raise our FY21/22 EPS estimates by 15/8% to account for the takeover of Kamalanga from FY21. GMR Kamalanga (3x 350MW) is strategically located in Orissa near the coal belt region. Accordingly, variable costs are low at just INR1.5-1.6/kWh. In terms of PPA, 84% of the plants capacity is tied up under long-term agreements (25 years) with Odisha (263MW), Haryana (334MW) and Bihar (283MW). The balance 170MW is available for sale/merchant. Given the strategic location of the plant, fuel supply linkages are tied for the entire PPA. Besides, the company has recently secured another 0.4mtpa for part of its balance merchant capacity.
|2020-02-04||JSW Energy Ltd. +||Motilal Oswal||61.90||63.00||61.90 (16.80%)||Target met||Neutral|
4 February 2020 JSWEs results highlight the impact of lower merchant volumes and prices amidst subdued power demand. EBITDA declined 14% YoY in 3QFY20. The company remains keen on tie-up of capacities, but the cancellation of the pilot scheme PPA and the delay in the commissioning of Dolvi will push back the same. Details/successful closure of proposed acquisitions are still awaited. Interest cost though declined 11% YoY to INR2.6b led by debt repayment. PBT was down 31% YoY at INR1.5b. Adj. PAT declined ~12% Standalone generation was down ~14% YoY at 2.6BU on the back of lower short-term (ST) sales volumes. ST volumes almost halved to 541MUs from 1,112MUs in the year-ago period. Hydros generation was ~6% higher YoY and helped offset the impact of new CERC norms. Hydro EBITDA was up 2% YoY at INR1.
|2019-11-02||JSW Energy Ltd. +||Motilal Oswal||70.30||76.00||70.30 (2.84%)||Target met||Neutral|
Lower fuel cost, higher hydro gen. aid earnings Visibility on earnings improving; Maintain Neutral JSW Energy's (JSWE) EBITDA increased 9% YoY to INR9.4b (our estimate: INR9.8b) in 2QFY20, led by lower fuel cost and strong hydro generation, partly offset by the impact from the new CERC norms. PBT grew 21% YoY to INR4.8b on the back of a...
|2019-08-06||JSW Energy Ltd. +||Motilal Oswal||67.70||75.00||67.70 (6.79%)||Target met||Neutral|
Revenue grew 2% YoY to INR24.1b in 1QFY20. Generation was down 4% YoY to 5.9BU, while realization increased 6% YoY to INR4.11/kWh led by certain one-offs. EBITDA grew 4% YoY to INR8.1b (in-line), as the benefit of lower fuel cost/higher...
|2019-06-27||JSW Energy Ltd. +||Geojit BNP Paribas||69.25||73.00||69.25 (4.40%)||Target met||Hold|
Geojit BNP Paribas
JSW Energy (JSWE) is part of the JSW Group of companies headed by Sajjan Jindal. Company is looking to add more capacity through in-organic growth initiatives like its recent MoU with Government of Gujarat. The company also has operational transmission assets (165kms) in Maharashtra, owns a stake (93.3%) in a coal...
|2019-05-16||JSW Energy Ltd. +||Motilal Oswal||66.70||77.00||66.70 (8.40%)||Target met||Neutral|
Revenue grew 8% YoY to INR19.2b (in-line) in 4QFY19. Generation was down 3% YoY to 4.2BU, while realization grew 12% YoY to INR4.56/kWh due to higher merchant prices and an increase in fuel prices (resulting in higher cost passthrough). EBITDA grew 13% YoY to INR4.7b (our estimate: INR5.7b), led by higher merchant prices. Finance cost declined 15% YoY/6% QoQ to INR2.7b as it repaid debt of ~INR6b during the quarter. Adj. PAT of INR39m (our estimate: INR196m) improved from a loss of INR634m in the year-ago period. Standalone realization declined 10% QoQ (+3% YoY) to INR4.55/kWh. Fuel cost was down 4% QoQ (2% YoY) to INR3.53/kWh. Generation increased 6.5% YoY...
|2019-01-30||JSW Energy Ltd. +||Emkay||67.80||73.00||67.80 (6.64%)||Target met||Hold|
Net generation increased 3.5% yoy to 5.1bn units, while average realization was up by a robust 17.3% yoy at Rs4.8/unit. Consequently, revenue increased 21.5% yoy to Rs24.2bn (above our estimate of Rs22.9bn). EBITDA increased by 27.2% yoy to Rs7.4bn, driven by higher revenue and lower other expenses. This was offset by higher fuel expenses which increased 23.6% yoy to Rs14.5bn. Interest expenses declined 13.4% yoy to Rs2.9bn, leading to a robust 191% yoy rise in PAT to Rs1.5bn, surpassing our and consensus expectations. Net debt, including short-term buyer's credit, declined by Rs2.96bn qoq to Rs106.9bn in...
|2018-11-05||JSW Energy Ltd. +||Motilal Oswal||67.90||72.00||67.90 (6.48%)||Target met||Neutral|
5 November 2018 JSW Energys (JSWE) EBITDA was down 2% YoY to INR8.6b, but ~9% ahead of estimate. Generation increased ~9% YoY to 6.7BU, but higher fuel costs offset the gains. Interest cost is down ~21% YoY (-1% QoQ) as it continues to deleverage. acceptances) has reduced by ~INR9.8b to INR120b in 1H, as FCF generation is used to repay debt. 0.9b) was aided by late payment surcharge income (non-recurring). PAT has increased 6% YoY to INR3.2b (est.
|2018-07-31||JSW Energy Ltd. +||Reliance Securities||66.40||62.00||66.40 (8.89%)||Target met||Sell|
Dismal Show on Rising Global Spot Coal Prices & Lower PLF JSW Energy (JSWEL) continued to report a dismal performance in 1QFY19 with its PBT declining by 27% YoY to Rs2.4bn in line with our estimates. Reported PAT grew by 5.7% YoY to Rs2.2bn owing to lower effective tax rate of 9.8% (vs. 33.5% in 1QFY18) on deferred tax benefits. We maintain our REDUCE recommendation on the stock with a revised Target Price of Rs62. Higher Realisation Drives Revenue Growth; Consolidated PLF Declines JSWEL's revenue rose by 4% YoY to Rs24.4bn owing to 11% YoY rise in overall realisation to Rs3.9/ unit despite 4.7% YoY fall in generation. It generated 6,086mn units in 1QFY19 (vs. 6,400mn units...
|2018-07-30||JSW Energy Ltd. +||HDFC Securities||65.60||65.60 (10.21%)||Results Update|
|2018-07-28||JSW Energy Ltd. +||Motilal Oswal||66.80||75.00||66.80 (8.23%)||Target met||Neutral|
28 July 2018 JSW Energys (JSWE) 1QFY19 EBITDA was down 11% YoY to INR7.8b (est. PAT however increased 5% YoY to INR2.3b (est. ~INR1.5b) on lower interest cost and tax rate, partly offset by lower other income and higher depreciation. Net debt (ex-acceptances) was unchanged QoQ. Generation declined ~5% YoY (+40% QoQ) to 6.1BU, driven by ~26% YoY decline in hydro generation due to unfavorable hydrology. Water flow is expected to be low this year due to weather, which will impact generation at its hydro assets. Generation at Ratnagiri increased ~31% YoY (~41% QoQ) to ~2BU, on higher merchant sales. Fuel cost in standalone (S/A) increased ~2% QoQ to INR3.5/kWh on higher imported coal prices and currency depreciation.
|2018-05-08||JSW Energy Ltd. +||Geojit BNP Paribas||71.75||72.00||71.75 (0.77%)||Target met||Sell|
JSW Energy (JSWE) is part of the JSW Group of companies headed by Sajjan Jindal. JSWE operates 4,531 MW (Thermal 3140 MW & Hydel - 1,391 MW) of power generation capacity with the vision to achieve 10,000 MW in power generation by 2020. Company is looking to add more capacity through in-organic growth initiatives. In addition, the company also has operational transmission assets (165kms) in Maharashtra, owns a majority stake (93.3%) in a coal mining company in South Africa and a power-trading arm. In a JV with Toshiba, JSWE has established a power equipment manufacturing unit...
|2018-05-07||JSW Energy Ltd. +||Reliance Securities||74.50||74.00||74.50 (-2.95%)||Target met||Sell|
EBITDA margin contracted by 614bps to 27.9% in 4QFY18 vs. 34.1% in 4QFY17 due to increase in global coal prices. Adjusting for JPVL's liability, its net debt reduced by Rs31.06bn in FY18. Cost of debt dipped by 114bps YoY in 4QFY18, which brought down borrowing cost to Rs3.2bn from...
|2018-02-12||JSW Energy Ltd. +||Axis Direct||82.45||100.00||82.45 (-12.31%)||Buy|
|2018-02-07||JSW Energy Ltd. +||Reliance Securities||81.00||74.00||81.00 (-10.74%)||Target met||Sell|
Maintain REDUCE on High Exposure to Merchant Biz, Rising Coal Prices JSW Energy (JSWEL) has reported 4.7% YoY growth in revenue to Rs19.9bn in 3QFY18 owing to higher generation (+6.5% YoY) and other income (+74% YoY to Rs0.87bn). Led by higher realisation and other income, JSWEL's PAT zoomed by 181% YoY to Rs506mn compared to Rs180mn in 3QFY17. Proposed foray into electric vehicle business announced during 1QFY18 Conference Call having the least cash inflow visibility may warrant a de-rating of the stock, in our view. Rolling over our estimates to FY20E, we maintain our REDUCE recommendation on the stock with a revised Target Price of Rs74 (from Rs72 earlier)....
|2018-02-06||JSW Energy Ltd. +||Motilal Oswal||82.75||54.00||82.75 (-12.63%)||Sell|
Consolidated generation increased 6.5% YoY to 4.9BU, driven by ~25% YoY generation increase at Ratnagiri (shutdown impact in the base quarter). Interest cost declined ~120bp YoY/~30bp QoQ to ~9%, led by refinancing of loans. Gross debt reduced by ~INR25b in 9MFY18 on operating cash flows and a reduction in debtor days (26 days w.r.t 4QFY17). Against advance of ~INR10b to JPVL, it has adjusted INR2.4b from payments to be made to JPVL. JSWE is in discussion with banks for the recovery of the balance. Operating cost (ex-fuel) declined ~2% YoY, despite higher generation, on various efficiency measures
|2017-12-20||JSW Energy Ltd. +||Axis Direct||83.85||100.00||83.85 (-13.77%)||Buy|
We met the management of JSW Energy (JSWE) and came back bullish on the stock. BIG Picture: We foresee an era of predictable earnings (100% PPAs and 25% imported coal vs. 45% currently) and accelerated growth driven by acquisition of stressed assets.
|2017-11-02||JSW Energy Ltd. +||Reliance Securities||82.55||72.00||82.55 (-12.42%)||Target met||Hold|
Looking ahead, we expect the demand scenario to revive in 2HFY18 in Southern India, which has been remaining lower for last couple of months. We believe expiry of high-rate PPAs and rise in global spot coal prices would drag its profitability. Further, the proposed foray into electric vehicle business offers least cash inflow visibility in near to medium-term in the absence of any expertise to compete with the established auto players, which might warrant a de-rating of the stock. Thus, we downgrade our recommendation on the stock to REDUCE from HOLD with...