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IRB Infrastructure Developers Ltd (IRBI.BO)
Research Tactical Idea
We believe the share price will rise relative to the country index over the next 45 days.
This is because the stock has traded off recently, making short term valuation much more compelling. Recent NHAI road
wins indicate aggressive bidding by players but we believe competition is peaking as project supply rises post government
initiatives to make project awards faster and more transparent. We believe that larger players, such as IRB, with balance
sheet strength stand to benefit from this increased supply while smaller players are struggling to financially close (for
equity) their existing projects.
We estimate that there is about a 70% to 80% or "very likely" probability for the scenario.
Estimated probabilities are illustrative and assigned subjectively based on our assessment of the likelihood of the
scenario.
Stock Rating: Overweight
Industry View: Attractive
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
IRB Infrastructure Developers Ltd (IRBI.BO)
Research Tactical Idea
We believe the share price will rise relative to the country index over the next 45 days.
This is because the stock has traded off recently, making short term valuation much more compelling. Recent NHAI road
wins indicate aggressive bidding by players but we believe competition is peaking as project supply rises post government
initiatives to make project awards faster and more transparent. We believe that larger players, such as IRB, with balance
sheet strength stand to benefit from this increased supply while smaller players are struggling to financially close (for
equity) their existing projects.
We estimate that there is about a 70% to 80% or "very likely" probability for the scenario.
Estimated probabilities are illustrative and assigned subjectively based on our assessment of the likelihood of the
scenario.
Stock Rating: Overweight
Industry View: Attractive
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