Equity Analysis /
India

IN : Adani Ports & Special Economic Zone Ltd - Fairly valued; rising group leverage yoy due to acquisitions in FY22

    CGS-CIMB
    25 July 2022
    Published byCGS-CIMB

    Net external debt (NED)/EBITDA in FY22 for six listed Adani companies (SLAC) excluding Adani Wilmar (AWL) was 6.5x due to acquisitions in FY22. We expect Adani Port's cargo (ex-Gangavaram) to grow 28% over FY22-24F. We maintain our estimates, Hold rating and a SOTP-based TP of Rs753.