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Utilities: Adani Power (ADAN.BO, Buy, on 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 (9.6 x) and P/B
(2.8 X) vs. ROE multiples (Peer average P/B-ROE 2.2x/14.5% vs. Adani 3.2x/33.8%)
Adani Power
> 70% of its capacity is already tied up under long-term PPA mechanism
> High plant availability
> Less fuel cost risk and execution risk
Adani Power
12-m SOTP-based target price is Rs167, implying 43% potential upside
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Utilities: Adani Power (ADAN.BO, Buy, on 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 (9.6 x) and P/B
(2.8 X) vs. ROE multiples (Peer average P/B-ROE 2.2x/14.5% vs. Adani 3.2x/33.8%)
Adani Power
> 70% of its capacity is already tied up under long-term PPA mechanism
> High plant availability
> Less fuel cost risk and execution risk
Adani Power
12-m SOTP-based target price is Rs167, implying 43% potential upside
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