FY18 performance for Adani Port (APSEZ) reflect (1) strong growth in volumes across segments backed by expansion of capacity; (2) healthy contribution from subsidiary ports; (3) healthy consolidated EBITDA margin, (4) higher nonrecurring income and rationalization of interest cost that boosted PAT. The company's good FY19 volume growth guidance, led by commissioning of new ports, new cargo sourcing and market share gains, is a positive. Stake dilution by the promoters of 4% gives us more comfort for addressing group level debt servicing. We estimate the consolidated entity to report volume CAGR of 11% over FY18 to FY20E with the new ports of Dhamra,...