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Last Updated : Oct 14, 2015 02:15 PM IST | Source: Moneycontrol.com

Buy Adani Ports; target of Rs 370: Firstcall

Brokerage house Firstcall Research is bullish on Adani Ports and Special Economic Zone and has recommended buy rating on the stock with a target price of Rs 370 in its research report dated October 13, 2015.

 
 
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Firstcall Research's report on Adani Ports and Special Economic Zone

"Consolidated net profit jumps to Rs. 6408.80 million against Rs. 5680.00 million in the corresponding quarter ending of previous year, an increase of 12.83%. Revenue for the quarter rose by 38.58% to Rs. 17483.70 million from Rs. 12616.40 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs. 3.09 a share during the quarter, registering 12.78% increased over previous year period. Profit before interest, depreciation and tax is Rs. 12938.10 million as against Rs. 9904.00 million in the corresponding period of the previous year."

OUTLOOK AND CONCLUSION

At the current market price of Rs.322.55, the stock P/E ratio is at 26.45 x FY16E and 24.39 x FY17E respectively.

Earning per share (EPS) of the company for the earnings for FY16E and FY17E is seen at Rs.12.20 and Rs.13.23 respectively.

Net Sales and PAT of the company are expected to grow at a CAGR of 19% and 16% over 2014 to 2017E respectively.

On the basis of EV/EBITDA, the stock trades at 15.82 x for FY16E and 14.46 x for FY17E.

Price to Book Value of the stock is expected to be at 5.03 x and 4.17 x for FY16E and FY17E respectively.

We recommend ‘BUY’ in this particular scrip with a target price of Rs 370 for Medium to Long term investment.

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Disclaimer:
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First Published on Oct 14, 2015 02:15 pm
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