ICICI Direct's research report on Hindustan Oil Exploration Company
Hindustan Oil Exploration Company (HOEC) is India’s first private player in the upstream oil & gas sector. HOEC holds a portfolio of 11 blocks with eight onshore and three offshore blocks of which it has operatorship in 10 blocks • In FY23, standalone revenues were at Rs 381 crore, up 192% YoY, due to commercialisation of B-80 block in Mumbai Offshore and better realisation from Dirok field. Standalone EBITDA came in at Rs 195.3 crore, up 158% YoY. The company reported a PAT of Rs 178.5 core, up 398% YoY.
Outlook
We estimate revenue, EBITDA, PAT to grow 37%, 27%, 28%, respectively, during FY23- 25E and FCF yield/RoCE improving to 6%,18%. We initiate coverage under the Stock Tales format with a BUY rating. We value HOEC at Rs 260 per share (based on DCF).
For all recommendations report, click here
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
