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Motilal Oswal Report
Aegis Logistics Ltd. has recently filed draft red herring prospectus with Securities and Exchange Board of India for the IPO of Aegis Vopak Terminals Ltd., a joint venture with Vopak.
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In the conference call, management noted:
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the IPO comprises a fresh issue of equity shares (face value Rs 10) of up to Rs 35 billion,
IPO proceeds will be used primarily to reduce debt, and
the equity issue will be in two phases and both partners will equally infuse equity.
In Q2 FY25, Aegis reported Ebitda of Rs 2.2 billion (up 8% YoY), missing our estimate by 17% as normalized Ebitda of Liquid/Gas divisions came in 19%/16% below our estimates. Management has re-iterated its PAT guidance of 25% CAGR over the next three years, primarily led by robust upcoming capacities.
Aegis also announced that capacity expansions at Mangalore and Pipavav are nearing completion and the greenfield expansion at JNPT is nearing commissioning.
We estimate a 13% CAGR in EPS over FY24-27E. However, the current valuations at FY26E PE of 36 times and price-to-book 5.6 times (FY26 ROE: 16.3%) are expensive.
Hence, we maintain our Neutral rating on the stock with a target price of Rs 795, based on 35 times Dec'26E EPS of Rs 22.7.
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