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JSW Steel: A Race of EBITDA Against Debt

We initiate our coverage on JSW Steel Ltd (JSTL IN) (JSW) with a NEUTRAL recommendation on all JSTLIN complex as we believe the complex is fully-valued against its domestic peers (See Valuation). We see better value in the VEDLN complex ( Vedanta Resources PLC (VED LN) ) but also do not recommend selling the JSTLIN complex as we believe its long-term credit outlook is positive on rising EBITDA which could lead to an eventual rating upgrade.

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