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Feb 16, 2017, 01.16 PM | Source: Moneycontrol.com

Hold Petronet LNG; target of Rs 407: Edelweiss

Edelweiss recommended hold rating on Petronet LNG with a target price of Rs 407 in its research report dated February 13, 2017.

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Hold Petronet LNG; target of Rs 407: Edelweiss

Edelweiss recommended hold rating on Petronet LNG with a target price of Rs 407 in its research report dated February 13, 2017.

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Edelweiss' research report on Petronet LNG

Petronet LNG (PLNG) reported robust operational performance for Q3FY17 with volumes (up 1% QoQ, 34% YoY) 5% ahead of estimates. Trading margin, however, missed with sharp trading loss (versus gains estimated), resulting in earnings miss (EBITDA 12% below estimates). Higher‐than‐expected utilisation at Dahej implies successful stabilisation of the recent 5MMT expansion.

Outlook

We expect strong growth in near‐term volumes on expanded Dahej capacity, which are largely secured through use‐or‐pay contracts. We forecast robust 20% EPS CAGR over FY16‐21 (volume CAGR: 13%). However, the stock is expensive at 2.8x FY19E P/BV with RoE of 19%, largely pricing in the upside. We maintain ‘HOLD/SP’.

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Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Hold Petronet LNG; target of Rs 407: Edelweiss
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