Analysts retained their bullish investment recommendations on Adani Ports & Special Economic Zone Ltd. even as the nation’s largest port operator missed estimates in the fourth quarter.
Here’s what brokerages have to say about Adani Ports’ fourth-quarter results..
Antique
Maintains ‘buy’ with a target price of Rs 865 apiece.
Q4 performance marginally below expectations with Ebitda (ex-forex) growing 39% YoY to Rs 2,290 crore.
Volume guidance factors in uncertainty related to Covid-19 second wave, impact of which is visible in April 2021.
Elara Capital
Maintains ‘buy’ with a target price of Rs 868 apiece.
Q4 performance was exactly as estimated, with revenue growth of 24% YoY.
Krishnapatnam and Gangavaram ports acquisition strategic to up the throughput to 500 MMT by 2025.
Expects 309 MMT volumes in FY22.
Jefferies
Maintains ‘buy’ with a target price of Rs 767.25 apiece.
Adani Ports is a good blend of geographical and cargo diversification.
Rise in promoter pledges and disappointing margin continues to remain as risks.
Citi
Maintains ‘buy’ with a target price of Rs 767.15 apiece.
Business mix and reach continues to extend beyond port business to adjacent business of logistics and warehousing.
Cash flows remain strong.
Company strengthens its pole position.
Well placed to compete for Concor acquisition if the government decides to go ahead.
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