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India Equity Research Reports, IPO and Stock News
India Equity Research Reports, IPO and Stock News
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Investment Rationale
§ India Premier road asset, with commendable track record - Bagged 7 NHAI projects over last 4 years with market
share of 7%- port folio set to grow at 29% CAGR over FY08-14E.
§ BOT Revenues to grow 2.6X over FY11-15E at implied CAGR of 28% -7 BOT projects worth Rs112 bn are likely to
commence toll collection over the next 3 years.
§ Ideally Complemented by solid integrated E&C capabilities- E&C order backlog at Rs111.7 bn 6.7X FY11
construction revenues which provides strong visibility – E&C business to gain traction revenue CAGR of 29% over
FY11-13E
§ Robust Cash flows over FY11-14E, Strong balance (FY12 net D:E equity at 1.6X) to drive dilution free asset
accretion - Estimate new project win at Rs30 bn over FY13E, covering ~250 km as the company in 1QFY12 has
already bagged Rs 49bn of order
§ Consolidated revenues to grow at a CAGR of 30%, EBIDTA at 14%, Gross cash accruals at 12% over FY11-13E
§ SoTP Value at Rs250 - Stock trades 54% discount to fair value, even ex the new project wins – other Implied value
drivers providing significant comfort
Key Triggers
§ Pick up in awarding activity by NHAI, Identified list of 100 projects covering 11500 kms
§ 10% Toll hike at Surat Dahisar project expected on 1st Sept 2011 will improve the BOT performance further
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