Edelweiss research report on JSW EnergyJSWEL was incorporated in 1994 as the energy vertical of the JSW Group. The company has been in the power generation business since 2000 and later ventured into the transmission, distribution and trading business as well. It has 3,140 MW of operational generating capacity. In addition, it has power generation projects at an early stage under development with a proposed combined installed capacity of 10,000 MWManagement is hopeful of entering into remunerative long-term PPAs once the market opens up given the capital cost advantage. Further, given the comfortable leverage (D/E 1.88x) and cash flow position, JSW is best placed among private IPPs to capitalise on inorganic growth opportunities. At CMP, the stock trades at 1.7x FY16E and 1.5x FY17E P/BV. Maintain ‘BUY/ Sector Performer’ with SOTP based target price of INR104/share.
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