CESC Ltd.

Strong Performer, Under Radar

Check Buy or Sell

584.30 -7.25 (-1.23%)

25.43% Fall from 52W High

349.3K Volume

NSENov 25, 2020 03:52 PM

Watchlist

Portfolio

Alert

Share

7,771.2

Market Cap

Above industry Median

740.8

AVG Broker Target

26.78% upside

6.1

TTM PE Ratio

Above industry Median

2.6

TTM PEG Ratio

High in industry

0.8

Price to Book Ratio

Above industry Median

0.7

Beta 1Year

Very Low volatility



CESC Ltd.    
09 Nov 2020
584.30
-1.23%
buy
Hold: CESC Ltd.
by ICICI Securities Limited
Target: 680 | Upside : 16.4%
ICICI Securities Limited
Energy sold during Q2FY21, in the standalone business, fell 10.9% at 260.2 crore units vs. our estimate of 290.2 crore units while realisation was at | 7.6/kWhr vs. our expectation of 7.7 kWhr. Total generation was down 10.1% YoY at 154 crore units. PLF of the Budge Budge and southern plants for Q2FY21 were at 93% (94% in Q2FY20) and 0% (36% in Q2FY20) respectively. Revenues came in at | 1989 crore vs. our estimate of | 2234.9 crore, mainly on account of lower than expected energy sold. On the other hand, consolidated revenues came in at | 2990 crore, flat YoY indicating pick...
Number of FIIs/FPIs holding stock fell by 18 to 209 in Sep 2020 qtr.
CESC Ltd.    
08 Sep 2020
584.30
-1.23%
buy
Buy: CESC Ltd.
by Motilal Oswal
Target: 760 | Upside : 30.1%
Motilal Oswal
This, given the lack of a revised tariff order, impacted efficiency Consolidated PAT decreased ~15% YoY to INR2.0b in the quarter, partly supported by an improved performance at Dhariwal. Dhariwal reported profit of INR240m (v/s loss of ~INR240m in 1QFY20) on account of a new PPA signed and the pass-through of higher coal cess in tariff. Dhariwal had signed a 185MW PPA with Maharashtra in 3QFY20, and the same has been extended up to 31 Losses at DFs in Rajasthan declined to INR330m in 1QFY21, from INR530m in 1QFY20, despite lower demand. The stock trades at an attractive ~6x FY22E P/E, even as earnings visibility at Dhariwal improves, and factoring the tightening of norms at Haldia and S/A. We also expect the performances of DFs to improve as it gains a better understanding of the circles and leverages from its experience in CESCs generation assets generate healthy FCF.
Number of FIIs/FPIs holding stock fell by 18 to 209 in Sep 2020 qtr.
CESC Ltd.    
08 Sep 2020
584.30
-1.23%
buy
Buy: CESC Ltd.
by Sharekhan
Target: 825 | Upside : 41.2%
Sharekhan
CESC Limited's (CESC) Q1FY2021 standalone PAT declined by 38.2% y-o-y (down by 46.4% q-o-q) to Rs. 134 crore, below our estimate of Rs. 193 crore due to lower plant-load factor (PLF) based incentive income as volume slumped by 30.7% y-o-y to 2,118 million units and higher per unit cost of electricity purchased (up 15% y-o-y). However, the decline of 14.7% y-o-y in the consolidated PAT to Rs. 198 crore was much lower as compared to the decline in PAT for the standalone business due to: 1) better profitability of Dhariwal Infrastructure (PAT of Rs. 24 crore versus a net loss of Rs. 24 crore in Q1FY2020) and 2) reduction in losses at distribution franchisee...
CESC Ltd. has an average target of 740.75 from 4 brokers.
CESC Ltd.    
30 Jun 2020
584.30
-1.23%
buy
Buy: CESC Ltd.
by Sharekhan
Target: 825 | Upside : 41.2%
Sharekhan
Loss at Dhariwal Infrastructure reduced to Rs. 10 crore in FY2020 as compared to Rs. 93 crore in FY2019. Loss at distribution franchisee shrunk to Rs. 38 crore in FY2020 as compared to Rs. 60 crore in FY2019....
ICICI Securities Limited decreased Hold price target of CESC Ltd. to 680.0 on 09 Nov, 2020.
CESC Ltd.    
30 Jun 2020
584.30
-1.23%
buy
Hold: CESC Ltd.
by ICICI Securities Limited
Target: 700 | Target met
ICICI Securities Limited
CESC reported a decent operational performance in Q4FY20. Revenues were in line with estimates while lower other expenses led to a beat in EBITDA. However, a shortfall in other income negated the EBITDA beat. Consequently, PAT was marginally lower than estimates. However, on the subsidiaries front, the performance of all generation and distribution...
ICICI Securities Limited decreased Hold price target of CESC Ltd. to 680.0 on 09 Nov, 2020.
CESC Ltd.    
29 Jun 2020
584.30
-1.23%
buy
Buy: CESC Ltd.
by Motilal Oswal
Target: 793 | Upside : 35.7%
Motilal Oswal
CESCs 4QFY20 results highlight the benefit of improved performance for its distribution franchisee (DF) and Dhariwal businesses with consol. On the other hand, S/A PAT declined 19% YoY, leading to While the muted power demand environment could impact profitability in the near term, the longer-term story remains intact. Despite factoring in the tightening of norms at Haldia and for the S/A, the stock trades attractively at 7x FY21E In 4QFY20, S/A PAT declined ~19% YoY to INR2.5b (20% below est. Consolidated PAT increased ~7% YoY to INR4.4b in the quarter, largely on the back of improved performance for its DF and Dhariwal businesses. Despite factoring in the tightening of norms at Haldia and for the S/A, the stock trades attractively at 7x FY21E Further, the un-tied generation capacity and scale-up in DFs has the potential to boost earnings.
CESC Ltd. is trading above it's 30 day SMA of 578.7
CESC Ltd.    
12 Apr 2020
584.30
-1.23%
buy
Buy: CESC Ltd.
by Emkay
Target: 698 | Target met
Emkay
Q4FY20 earnings are expected to be disappointing in Emkay's power coverage universe. Demand across India fell significantly in the second half of March after the country was locked down to contain the spread of Covid-19. Thus, PLF across stations was impacted, but availability picked up due to improved inventory levels. However, the power ministry's move to provide a moratorium on bill payments is likely to impact discoms' collection efficiency and would stretch its working capital. This is likely to have a cascading impact on the electricity chain of discoms, transmission, gencos and eventually the banks, all of...
CESC Ltd. is trading below it's 50 day SMA of 599.1
CESC Ltd.    
12 Feb 2020
584.30
-1.23%
buy
Buy: CESC Ltd.
by ICICI Securities Limited
Target: 845 | Upside : 44.6%
ICICI Securities Limited
Energy sold during Q3FY20, in the standalone business declined 7.7% to 211.9 crore units vs. our estimate of 222.8 crore units while realisation was at | 7.8/kWHR vs. our expectation of 7.5 kWHR. Total generation was down 10.3% YoY at 122.4 crore units. Energy purchased were at 126.7 crore units vs. our estimate of 126.2 crore units. Plant load factor (PLF) of the Budge Budge, southern plants for Q3FY20 were at 69.2%, 26.3%, respectively. Revenues were at | 1648 crore vs. our estimate of | 1659.8 crore, in line with estimates. On the other hand, consolidated revenues came in at | 2344 crore...
CESC Ltd. is trading below it's 50 day SMA of 599.1
CESC Ltd.    
15 Nov 2019
584.30
-1.23%
buy
Buy: CESC Ltd.
by Sharekhan
Target: 905
Sharekhan
CESC Limited (CESC) reported strong consolidated Q2FY2020 results with 12.6% y-o-y increase in PAT to Rs. 366 crore, given strong performance of Noida distribution business (132% y-o-y rise in PAT to Rs. 65 crore) and sharp reduction in losses at Dhariwal to Rs. 25 crore (vs. loss of Rs. 63 crore in Q2FY2019). However, standalone performance was muted with marginal 1.5% y-o-y increase in PAT to Rs. 275 crore, given only 1.7% rise in power sales volume. The board of directors has decided not to pursue the demerger of the generation...
CESC Ltd. is trading below it's 50 day SMA of 599.1
CESC Ltd.    
15 Nov 2019
584.30
-1.23%
buy
Hold: CESC Ltd.
by ICICI Securities Limited
Target: 845
ICICI Securities Limited
Energy sold during Q2FY20, in the standalone business, declined 1.4% at 171.3 crore units vs. our estimate of 182 crore units while realisation was at | 7.7/kWHR vs. our expectation of 7.5 kWHR. Total generation was down 1.9% YoY at 171.3 crore units. Energy purchased was at 165.7 crore units vs. our estimate of 168 crore units. The same has increased YoY by 3.4%....
CESC Ltd.'s price crossed above SMA30 today