The brokerage noted: “We find investors interested in Adani Ports (Adsez) and JSW Infra (JSWI). Investors appreciate the various assetabasis of Adsez and the expansion plans of logistics, given the capacity expansion plans of the company / group of the company.”
On Adani-Havens, Jefferies emphasized that FY26E volume growth in the midst of the rate-related uncertainties and potential impact on coal volumes (33% of the FY25), with Gedempte Growth with Gedempte Power (flat yej in FY26 to date), was discussed. “
The management leads to 12-14% yo-volume growth (Jefferies estimates 11%), with a growth expected to be advisable as new ports are taken into use in the second half of FY25. Jefferies added that “the EBITDA margins of domestic ports have been surprisingly positive in the past two quarters and investors want to find the threshold margin.”
The report also pointed to investors’ interest in potential capitarian tasting movements, and noted that “logistics expansion plans are valued, and investors agree that may not be viewed in silos, given potential synergies with ports. Potential dividend/ebbetda in leprecy works FY29E in FY25) can be a re-rating event.
Another point of discussion was the possible redesignation of Gautam Adani of executive chairman of non-executive chairman.
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However, the valuation remains an important point of discussion, in which the report notices: “The share acts with a premium of 86% to ADSEZ’s 1-year Vooruit Rol EV/EBITDA (versus 63% average since the list), which implies a limited space for JSWI and JSW Steel implementation delays.”
(Disclaimer: recommendations, suggestions, views and opinions of the experts are their own. These do not represent the views of economic times)
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