CESC Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for CESC, BSE:500084 CESC Ltd.

CESC Ltd.

01 Jul 2019

163.80

-2.06%

CESC

Buy: CESC Ltd.

Target

Sharekhan

CESC Limited's (CESC) standalone business generates steady earnings and cashflow, while we expect its loss-making subsidiary Dhariwal Infrastructure and the Rajasthan distribution franchisee (DF) to pare losses and turn profitable in FY2021/FY2022. We believe that CESC is trading at a reasonable valuation of 9x FY2021E EPS and 0.9x FY2021E book value on a standalone basis. Hence, we maintain our Buy rating on CESC with revised SoTP based price target (PT) of Rs. 905 (increased on account of a higher valuation multiple for...

CESC Ltd. is trading above its 200 day SMA of 161.1

CESC Ltd.

20 May 2019

163.80

-2.06%

CESC

Buy: CESC Ltd.

Sharekhan

demand off-take of power during FY2019, led to lower generation of power both at Budge Budge unit and Southern unit (down by 0.3% and 6.6% y-o-y respectively). Power purchased also remained lower by 1.0% during the year. This led to 0.4% decline in revenues y-o-y, as realisation also did not support and was lower by 0.8% y-o-y. Though PLF was lower at both...

CESC Ltd. is trading above its 200 day SMA of 161.1

CESC Ltd.

20 May 2019

163.80

-2.06%

CESC

Buy: CESC Ltd.

Target

ICICI Securities Limited

Energy sold during Q4FY19, in the standalone business declined 4.2% at 229.1 crore units vs. our estimate of 2485 crore units while the realisation was at | 7.25/Kwhr vs. 6.82/Kwhr in Q4FY18. Energy purchased was at 104.3 crore units vs. our estimate of 125.4 crore units. The same has declined 21% YoY. For FY19, power purchase was down at 558.1 crore units vs. 563.7 crore units in FY18. On a plant wise basis, the Budge Budge plant generated 601.5 crore units while southern generated 2.84 crore units for FY19. The company continues to impress on reducing T&D; losses as the same came...

CESC Ltd. is trading above its 200 day SMA of 161.1

CESC Ltd.

18 May 2019

163.80

-2.06%

Dhariwal turning around, DF operations improving

Buy: CESC Ltd.

Target

Motilal Oswal

FY19 consol. adj. PAT grew 43% YoY to INR11.8b (consol. numbers are reported annually) v/s our est. of INR10.1b. The strong performance was driven by sharp reduction in losses at Dhariwal and lower losses in distribution franchisee (DF). Standalone (S/A): PAT grew ~8% YoY to INR9.4b. T&D; losses were lower ~70bp YoY to 9% (down ~260bp in the last three years). Sales were flat at 10.4BU due to weak demand and weather conditions. Capitalization is estimated at INR3.8b, implying regulated equity increase of ~3% YoY in FY19. Haldia: PAT was broadly unchanged at INR3.2b as it continues to benefit from...

CESC Ltd. is trading above its 200 day SMA of 161.1

CESC Ltd.

06 Feb 2019

163.80

-2.06%

CESC

Buy: CESC Ltd.

Target

ICICI Securities Limited

CESC reported lower-than-expected Q3FY19 results on account of lower revenues and higher costs, which, in turn, impacted EBITDA. Revenues came in below our estimates at | 1707 crore vs. our estimate of | 1825 crore. Generation was flat YoY while energy sold was down 2% YoY at 229.5 crore units In Q3FY19, power sold at Haldia Energy was 107.4 crore units while Chandrapur plant posted ~100% YoY generation at 88 crore units Absolute EBITDA came in at | 202 crore, significantly below our...

CESC Ltd. is trading above its 200 day SMA of 161.1

CESC Ltd.

05 Feb 2019

163.80

-2.06%

During the quarter, the company demerged its non-power business, i.e., Spencer's and CESC...

Buy: CESC Ltd.

Emkay

CESC Ventures, which got listed on 25 January 2019. Generation and revenue remained flat; however, EBITDA came in below our expectations due to higher operating expenses and fuel costs. PAT was marginally above our estimate on favorable rate-regulated income. In Q3FY19, PLF improved across the Haldia and Chandrapur plants, driven largely by the festive season which led to a rise in power demand. The Chandrapur plant's case IV PPA with MSPGCL was extended by another 45 days until January 13, 2019. We expect Chandrapur's loss to narrow to Rs1.2bn in FY19 from Rs2.0bn in FY18....

CESC Ltd.'s price crossed below 50Day SMA today

CESC Ltd.

05 Feb 2019

163.80

-2.06%

Lower T&D; losses drive performance; dividend raised

Buy: CESC Ltd.

Target

Motilal Oswal

5 February 2019 3QFY19 on account of lower T&D; losses and interest cost. Sales in the Kolkata distribution circle declined 2.1% YoY to 2.3BU, given the strong base (increased 12% YoY in 3Q last year). Revenue was flat YoY at INR17.1b. T&D; losses declined 200bp YoY to 9.8%. Power exports stood at 135MU, as against 212MU in the year-ago period. EBITDA, including rate regulatory item, increased 6% YoY to INR4b (in-line). Depreciation was flat YoY at INR1.1b. Finance cost declined 3% YoY/QoQ to INR1.2b.

CESC Ltd. is trading below its 50 day SMA of 165.8

CESC Ltd.

07 Jan 2019

163.80

-2.06%

CESC wins Malegaon distribution franchisee

Buy: CESC Ltd.

Motilal Oswal

7 January 2019 Maharashtra DISCOM recently concluded auction of two distribution circles under the distribution franchisee (DF) model. The license is for 20 years, extendable by 10 years. More than 80% of the energy supply is to industrial/commercial customers. Based on preliminary data, Malegaon circle is equal to CESCs Kota distribution franchisee circle in terms of input energy. The input energy was 677MU and AT&C; losses stood at 47%. The input energy was 677MU and AT&C; losses stood at 47%. The contract is for 20 years, extendable by 10 years. The circle is adjacent to Torrents existing Bhiwandi operations. In terms of input energy, the circle is ~20% of size of its Bhiwandi operations. The winning bidder is selected on the price of input energy it will pay the DISCOM. DF has no role in fixing tariff (it is determined by the regulator for the DISCOMs operating area).

Sharekhan released a Buy report for CESC Ltd. with a price target of 195.0 on 10 Sep, 2025.

CESC Ltd.

28 Dec 2018

163.80

-2.06%

Demerged company is now pure power play

Buy: CESC Ltd.

Target

Motilal Oswal

28 December 2018 CESCs power distribution includes Kolkata, Noida (49% stake) and three franchisee (DFs) circles in Rajasthan. The generation portfolio includes installed capacity of ~2.5GW, of which only 300MW is without any long-term PPA. The regulated distribution business of Kolkata and Noida generates a healthy RoE of ~20%. Noida, which is a new circle, has grown at CAGR of ~21% over FY13-18 and we expect ~11% CAGR over FY18-21. The DFs are in the initial years of operation. We expect a meaningful contribution from DFs only after a couple of years. Generation capacity under long-term PPA generates healthy double-digit RoE on the back of efficient operations and favorable norms. CESC, in its new form, reported PAT of ~INR8.3b in FY18, up ~55% YoY, driven by the full benefit of Noida PPA at Dhariwal power plant. PAT is partly dragged by initial losses in the DFs (~INR1.

Sharekhan released a Buy report for CESC Ltd. with a price target of 195.0 on 10 Sep, 2025.

CESC Ltd.

16 Nov 2018

163.80

-2.06%

CESC

Buy: CESC Ltd.

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Revenues came in at | 2220 crore, up 6.3% YoY vs. our estimate of | 2367.8 crore. Energy sold in Q2FY19, in the standalone business grew 7.6% to 296.4 crore units vs. our estimate of 311.6 crore units while realisation was at | 7.5/Kwhr vs. 7.6/Kwhr in Q2FY18 During Q2FY19, power sold at Haldia Energy was up ~9% at 127.3 crore units while Chandrapur plant reported improved generation to 64.5 crore units in Q2FY19 compared to 57.2 crore units in Q2FY18...

CESC Ltd. has an average target of 199.50 from 2 brokers.

Is CESC Ltd. worth buying?

779 Votes:

Buy 80.36%

Sell 9.5%

Hold 10.14%

RESEARCH REPORTS

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