Buy rating for Adani portfolio from research house Ventura Securities

 Buy बच्चों के खिलौने के लिए सारे के सारे जानवर


For the first time, a research house Ventura Securities has initiated coverage of all the 5 listed BUs (AEL, APSEZ, ATL, AGEL, ATGL) with a buy rating.


The target price for each of the BUs (AEL @ Rs. 1889 an upside of 10%, ATGL @ Rs 2012 and upside of 26%, AGEL @ Rs.2810 an upside of 104%, APSEZ @ Rs.1645 an upside of 121% and ATL @ Rs. 2792 an upside of 47%) represents quality asset with embedded with high growth.


The reasons as stipulated by Ventura for such higher return potential and become market outperformers in their respective sectors are, “AEL being the start-up incubator to new edge business, APSEZ being the market leader with a continuous gain of market share, AGEL being the largest renewable company with 4x locked in growth, ATL being the largest private T&D business with capacity to expand fast and capture the growth, ATGL growing up to become the largest CGD business and augurs well for a clean gas based economy” 


Adani Portfolio is the largest Infrastructure owing corporate in India. The businesses are broadly under two platforms ‘Transport & Logistics’ and ‘Energy & Utility.


1. Adani Enterprises (AEL) which is the flagship company incubates new businesses like Gas distribution, Airports & Electricity distribution, while operating businesses like Solar Cell and module manufacturing, and Natural Resources. Its Intending to extend itself from a pure B2B business to B2C, aggregation of data, and a deeper understanding of consumers, AEL, in a JV with EdgeConneX has ventured into data center business as well.


In the past, AEL has successfully incubated 5 infrastructure unicorns (APSEZ, ATL, AGEL, ATGL and APL)


2. Adani Ports and SEZ (APSEZ)is the transport utility business of the portfolio currently operating 13 ports in India, which represents 30% of the all India Port Capacity, and expanding into integrated logistics to provide end to end solutions to its customers.


APSEZ is targeting to reach 500 MMT by 2025 which is a 2x growth and become the largest port company by 2030 with 40% market share in India’s EXIM trade with sustainability at its core.


3. Adani Transmission (ATL) is a frontrunner in the rapidly expanding Power Transmission & Distribution space with 18,336 CKM of the transmission line. ATL has also built India’s first and only private HVDC transmission line.


4. Adani Green Energy (AGEL)ranked as the largest solar power developer in the world, As announced during COP26, AGEL is committed to developing and operating a renewable portfolio of 25 GW by 2025 and 45 GW by 2030 and aims to become the largest renewable power company in the world by 2030


AGEL has an operational renewable portfolio of 5.4 GW and a total portfolio of 20.3 GW including under construction and near construction projects, offering a 4x locked-in growth


5. Adani Total Gas (ATGL) incorporated in 2005, is a JV between the Adani Group and French energy major TotalEnergies SE. 


It is India’s largest private-sector CGD, with 19 standalone operational GAs, 244 CNG stations, 5.1 lakhs PNG domestic connections, 5,264 PNG industrial/commercial connections, and a pipeline network of more than 5,669 km across 17 states.


Conclusion:


Adani Portfolio is known for its execution excellence and O&M capability. The portfolio operates and monitors all its utility sites through Energy Network Operation Center through analytics and does real-time monitoring resulting in best in class operational efficiency and the highest EBIDTA margin in each of the sectors. With in-house EPC capability, all projects are completed before time and within budgets, clocking higher returns for the stakeholders.


All the Bus follow a disciplined capital management policy which enables de-risking at both the construction and operation stage while optimizing the stakeholder returns. This has ensured 3 out of the above 5 rated Investment-grade by international rating agencies like Moody’s, S&P and Fitch.


In the past couple of decades, Adani's portfolio has created immense value for its shareholders, it continues its journey while growing at scale and generating free cash.

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