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IRB Infrastructure
Integrated road developer with an in-house construction arm; current operations
provide stable cash flow (construction and BOT revenue).
Macro: We estimate NHAI project awards of INR160b in FY11, INR750-900b in
FY12.
IRB has bid for projects worth INR490b; we estimate project wins of INR88b over
FY11, FY12.
We are building in an equity dilution of INR12b in FY12 to finance future project
wins (may not be required if capex is postponed by 1-2 quarters).
Valuation: Highway BOT Portfolio INR119 (DCF based), Construction business
INR72 (6x FY12 EV/EBITDA), Real estate INR22 (NAV based), New project wins
INR88 (1.5x estimated equity).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
IRB Infrastructure
Integrated road developer with an in-house construction arm; current operations
provide stable cash flow (construction and BOT revenue).
Macro: We estimate NHAI project awards of INR160b in FY11, INR750-900b in
FY12.
IRB has bid for projects worth INR490b; we estimate project wins of INR88b over
FY11, FY12.
We are building in an equity dilution of INR12b in FY12 to finance future project
wins (may not be required if capex is postponed by 1-2 quarters).
Valuation: Highway BOT Portfolio INR119 (DCF based), Construction business
INR72 (6x FY12 EV/EBITDA), Real estate INR22 (NAV based), New project wins
INR88 (1.5x estimated equity).
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