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Utilities: Adani Power (ADAN.BO, Buy, on our Conviction List)
• 70% of its capacity is already tied up under long term PPA mechanisms, less off-take risk than peers. Adani is also best positioned to maintain
higher plant availability than peers
• Despite our below consensus estimates, we believe the stock is still trading at a discount compared with peers on FY12E P/E (11.1x) and P/B
(3.2x) vs. ROE multiples (Peer average P/B-ROE 2.2x/14.5% vs. Adani 3.2x/33.8%)
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