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Motilal Oswal Report
Going forward, Adani Ports and Special Economic Zone Ltd. targets to become India’s largest integrated transport utility and world’s largest private port company by 2030.
Adani Ports has a diversified cargo mix and is looking to increase cargo share of port on east coast. The operational ramp-up at the recently acquired ports is expected to drive a 14% growth in cargo volumes over FY23-26.
This would drive a revenue/Ebitda/profit after tax compound annual growth rate of 19%/18%/17% over FY23-26.
We reiterate our 'Buy' rating with a revised target price of Rs 1,410 (premised on 16 times FY26E enterprise value/Ebitda).
Key downside risks: slowdown in global trade
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