Mundra Port an outperformer: Prabhudas Lilladher

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Prabhudas Lilladher has maintained its outperformer rating on Mundra Port and Special Economic Zone with a target price of Rs 900 in its May 30, 2008 research report. "Mundra Port & Special Economic Zone (MPSEZ) reported topline of Rs 8.18 billion for FY08, strong growth of 41.1% YoY. On account of productivity improvement at the port, change in cargo mix and SEZ revenue, EBIDTA margin expanded from 53.1% in FY07 to 65.3% in FY08. At the PAT level, growth was muted at 11% to Rs 2.13 billion, on account of deferred tax provision of Rs 1.30 billion."

"We have valued the company's port operations on DCF basis, during the time when the concession is in force, giving us a value of Rs 686. Further, NAV of the SEZ is estimated to be Rs 184. We have assigned a value of Rs30 for the company's stake in its subsidiaries, thereby giving us a target price of Rs 900 per share. We maintain Outperformer rating on the stock," says Lilladher's research report.

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