IRB Infrastructure Developers

Recommendation by Lehman Bros

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Price when posted : BSE: Rs 153.95 ( -2.59 % ), NSE: Rs. 154.45 ( -2.25 % )

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IRB Infrastructure
Research: Lehman Brothers
Rating: Overweight
CMP: RS 160

Lehman Brothers initiates coverage on IRB Infrastructure Developers with an ‘overweight’ rating and a March ’09 price target of Rs 195. IRB is one of the largest road developers in India, and has 14 BOT road projects. The company’s key strength is its in-house construction capability that enables it to capture the entire economic value of road projects, and helps it to address execution risks. Historical projects have yielded substantially high-equity internal rate of return (IRR). IRB has strong cash flows and low leverage compared to other international road developers. Its operating cash flow is strong and will improve further after commissioning of the Bharuch-Surat and Surat-Dahisar stretches. Lehman estimates cash flows before capex at Rs 1,200 crore over FY09-11 .

The increase in cash flow is driven primarily by a rise in toll revenue. The net debt-to-equity ratio for IRB is only 0.9, and leverage is likely to remain comfortable at 1.3 in FY10. Lehman values IRB at: (1) Road concessions at Rs 129 per share; (2) Rs 36 per share as growth factor to account for potential new projects; (3) Construction business at Rs 26 per share based on a multiple of 10x FY10 earnings estimate of Rs 87 crore; and (4) Real estate at Rs 3 per share. The stock is currently trading at a multiple of 9.4x FY10 earnings estimate of Rs 520.5 crore and 2.1x FY10 book value of Rs 2,372 crore, and at a substantial discount to its global peers. The stock is currently trading at 1.08x concession portfolio NAV of Rs 4,293.8 crore, implying that not much value has been attributed to construction, real estate and future growth opportunities in road concessions.
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BSE Announcements on IRB Infra

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Price when posted : [IRB Infra - BSE:Rs. 149.85 NSE:Rs. 149.85 when posted]

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IRB Infrastructure Developers Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from August 23, 2008 to August 30, 2008 (both days inclusive) for the purpose of 10th Annual General Meeting (AGM) of the Company to be held on August 30, 2008....

BSE Announcements on IRB Infra

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Price when posted : [IRB Infra - BSE:Rs. 147.00 NSE:Rs. 149.45 when posted]

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IRB Infrastructure Developers Ltd has informed BSE that Mr. Dattatraya P Mhaiskar, Mr. Suresh G Kelkar & Mrs. Deepali V Mhaiskar have retired as a Whole-time Director of the Company w.e.f. July 29, 2008. However, they will continue as Director of the Company....

NSE Announcements on IRB Infra

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Price when posted : [IRB Infra - BSE:Rs. 142.55 NSE:Rs. 141.75 when posted]

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Irb Infrastructure Developers Limited has informed the Exchange that the Register of Members and Share Transfer Register will be closed from August 23, 2008 to August 30, 2008 (both days inclusive). Further, the Annual General Meeting of the Members of the Company will be held on August 30, 2008. The Company has also informed the Exchange that Mr. Dattatraya P. Mhaiskar, Mr. Suresh G. Kelkar & Mrs Deepali V. Mhaiskar have retired as a Whole-time Director of the company w.e.f. July 29, 2008. However, they will continue as Director of the Company....

NSE Announcements on IRB Infra

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Price when posted : [IRB Infra - BSE:Rs. 142.15 NSE:Rs. 141.55 when posted]

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Irb Infrastructure Developers Limited has informed the Exchange vide notes to Accounts in the Unaudited financial results for the quarter ended June 30, 2008 (taken on record by the Board of Directors of the Company at its meeting held on July 29, 2008) regarding utilization of fund received through Initial Public Offer (IPO). Out of the total IPO proceeds of Rs. 94,457 Lakhs, an amount of Rs. 74,873.64 Lakhs is utilized. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). ...

NSE Announcements on IRB Infra

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Price when posted : [IRB Infra - BSE:Rs. 142.15 NSE:Rs. 141.55 when posted]

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IRB Infrastructure Developers Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2008 as follows: Net Sales of Rs. 9 lacs for quarter ending on 30-JUN-2008. Net Profit / (Loss) of Rs. 71.44 lacs for the quarter ending on 30-JUN-2008....

NSE Announcements on IRB Infra

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Price when posted : [IRB Infra - BSE:Rs. 142.15 NSE:Rs. 141.55 when posted]

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IRB Infrastructure Developers Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 30-JUN-2008 as follows: Net Sales of Rs. 23006.25 lacs for quarter ending on 30-JUN-2008. Net Profit / (Loss) of Rs. 5417.21 lacs for the quarter ending on 30-JUN-2008....