Dolat Capital's research report on Gujarat State Petronet
Government of Gujarat has always played a pro-active role in the development of the energy value chain. Gujarat is first state to plan and execute a State-wide Gas Grid on an Open Access Principle and the pipeline grid has been designed as per the highest international standards with inbuilt flexibility to cater to varying loads. GSPL has Cross-Country Natural Gas Transmission pipelines being implemented. GSPL owns and operates the largest Gas Transmission network in Gujarat totaling to approximately 2,682 kms.
Outlook
We value the core business at Rs 155 per share on DCF basis, three transnational pipelines at Rs 6 per share and GSPL's stake in Gujarat Gas and Sabarmati Gas at Rs 67 per share and Rs 3 per share respectively. Considering scope of growth in core business, we value GSPL at Rs 231 by SOTP method.
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