Reinitiating Coverage of Baoshan Iron and Steel With No-Moat, Stable Trend Ratings, FVE of CNY 6.30
We are reinitiating coverage on Baosteel, with no-moat and stable moat trend ratings. Our fair value estimate of CNY 6.30 implies a P/E ratio of 14.3 times and an EV/EBITDA ratio of 7.3 times in 2017. Following its merger with Wuhan Iron and Steel, Baosteel emerged as the listed entity of the largest steel company in China and the second-largest in the world, by capacity. We see potential synergies from the merger as both companies have similar end markets, especially in the auto and consumer go...
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