20 May 2013 22<strong>Metals</strong> <strong>Weekly</strong>Stock Exchange announcements• Tata Steel has substantially completed its year end impairment reviewfor FY13 and company expects non-cash write down of the goodwill andassets in the consolidated financial statements of around USD 1.6 billion.• Members of Jindal Steel & Power will consider to approve theresolutions, by way of Postal Ballot for issue of shares to the employeesunder ESOP scheme.• The Board of Directors of the Rain Commodities has approved change ofname of the Company from Rain Commodities Limited to Rain IndustriesLimited to reflect the businesses being carried on by the Company andits Subsidiary Companies subject to shareholders' approval.Forthcoming Results• JSW Steel: 23th May, 2013• Tata Steel: 23th May, 2013• Nalco: 27th May, 2013• Hindalco: 28th May, 2013• NMDC: 29th May, 2013• SAIL: 30th May, 2013
20 May 2013 23<strong>Metals</strong> <strong>Weekly</strong><strong>Metals</strong>Valuation MatrixValuations: Indian companiesRating Price Mkt Cap EPS (INR) P/E (X) EV/EBITDA (X) P/B (X)(INR) (USD M) FY13E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15ESteelTata Steel Sell 312 5,547 -5.6 31.8 28.0 9.8 11.1 6.1 6.3 1.2 1.1SAIL Sell 63 4,767 7.6 7.5 6.9 8.4 9.1 6.1 6.0 0.6 0.6JSW Steel Sell 706 3,126 37.7 25.5 66.7 27.7 10.6 7.2 6.3 0.9 0.8JSPL Sell 313 5,392 37.2 36.7 41.1 8.5 7.6 8.0 6.6 1.3 1.2NMDC Buy 122 8,858 17.2 17.8 19.9 6.9 6.1 3.1 2.6 1.5 1.3Sesa Goa Buy 166 2,687 27.1 21.6 28.2 7.7 5.9 33.0 6.3 1.0 1.0Non-FerrousSterlite Inds. Buy 97 6,027 18.3 17.7 15.6 5.5 6.2 3.5 3.1 0.6 0.6Hindustan Zinc Buy 122 9,501 16.4 15.8 15.6 7.7 7.8 3.8 3.2 1.4 1.2Nalco Neutral 36 1,725 2.0 3.2 3.5 11.3 10.3 4.5 3.3 0.7 0.7Hindalco Buy 110 4,066 16.5 20.6 19.6 5.3 5.6 6.3 5.8 0.9 0.8Rain Commodities* Buy 42 264 16.7 10.2 15.2 4.1 2.8 5.5 4.5 0.5 0.4* Rain Comm. follows calendar year reporting, CY13 and CY14 fig. are quoted in place of FY14 and FY15 respectively Source: MOSLValuations: Global companiesBBG Currency Price Mkt Cap P/E (X) EV/EBITDA(X) P/BVCode (USD M) CY13 CY14 CY13 CY14 CY13MiningBHP-Billiton BHP AU AUD 34.4 171,591 13.7 11.9 7.1 6.3 2.5FMG FMG AU AUD 3.5 10,842 6.8 5.0 6.5 4.7 2.0Rio Tinto RIO AU AUD 55.3 85,940 9.7 8.7 5.7 5.1 1.8Vale Vale US USD 15.6 81,897 6.9 7.1 5.1 5.0 1.0Teck Resources TCK US USD 27.2 15,837 12.1 9.8 5.9 5.1 0.9SteelArcelor Mittal MT NA EUR 10.0 21,329 35.5 10.7 6.2 4.9 0.4Posco 005490 KS k KRW 322.0 25,342 12.4 10.8 5.4 4.9 0.7US Steel X US USD 18.3 2,643 - 13.8 7.1 4.7 0.8Nucor NUE US USD 45.8 14,545 24.8 12.8 10.0 6.7 1.9JFE 5411 JT JPY 2,171.0 13,735 10.6 9.0 7.6 7.0 0.8Gerdau GGBR4 BZ BRL 13.6 11,090 15.5 10.1 7.7 6.4 1.1Bao Steel 600019 CH CNY 5.0 13,859 12.2 9.7 7.0 6.5 0.8Non-FerrousAlcoa AA US USD 8.6 9,208 19.7 12.4 7.4 6.4 0.7Norsk Hydro NHY NO NOK 26.3 9,289 29.4 16.5 8.1 6.3 0.8Rusal 486 HK HKD 3.9 7,574 10.0 7.4 16.4 14.4 0.6Source: Bloomberg