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Buy Adani Ports and SEZ, target price Rs 345: Citigroup.

Date: 07-04-2020
Subject: Buy Adani Ports and SEZ, target price Rs 345: Citigroup
Citigroup has upgraded Adani Ports and SEZ to buy from neutral and revised target price to Rs 345 from Rs 417. The stock ended flat at Rs 244.90 while the BSE sensex closed 674.36 points down (-2.39 per cent) on Friday.
Adani Ports & Special Economic Zone Ltd., incorporated in 1998, has a market cap of Rs 49757.60 crore.

Investment Rationale

The brokerage has upgraded the stock as the stock is trading at around 8.5 times estimated FY21 EV/Ebitda versus historical average EV/Ebitda of 18 times and global financial crisis lows of 13.5 times. The company's underlying business operations continue to remain of very high quality, said Citigroup.

Adani Ports & Special Economic Zone's key products/revenue segments include Income from Port Services which contributed Rs 4367.18 crore to sales value (81.83 per cent of total sales); Infrastructure Leasing Income which contributed Rs 780.40 crore to sales value (14.62 per cent of total sales); Export Incentives which contributed Rs 139.24 crore to sales value (2.60 per cent of total sales) and Other Operating Revenue which contributed Rs 49.56 crore to sales value (0.92 per cent of sales)for the year ending March 31, 2019.

For the quarter ended December 31, 2019, the company reported consolidated sales of Rs 3336.25 crore, up 18.26 per cent from last quarter sales of Rs 2821.16 crore and up 18.14 per cent from last year same quarter sales of Rs 2823.91 crore. The company reported net profit after tax of Rs 1356.59 crore in the latest quarter.


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