Adani Ports - Targets To Double Ebitda In Five Years: ICICI Securities

ICICI Securities Report

Adani Ports and Special Economic Zones Ltd. held an investor day at the Vizhinjam International Seaport (recently commissioned). Through the course of the event, the company laid out its five-year strategy.

Adani Ports is shifting gears from geographical diversification/acquisition to penetration/ramping up capacities in existing geographies. It is targeting:

1. 1,000 million tonne of cargo throughput by FY29 (18% YoY CAGR), which includes – 840–850 mt in domestic cargo (two times of overall cargo); and 150–160 mt of international cargo.

2. Revenues of Rs 655 billion, comprising Rs 507 billion/Rs 140 billion from ports/logistics.

3. Ebitda of Rs 365 billion (ex-land revenues monetisation).

For the first time, the company shared its strategy of acquiring land to build its logistics piece. The stock is trading at 26 times trailing twelve months earnings.

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