View 21 reports from 8 analysts offering long term price targets
for Gujarat Gas Ltd..
Gujarat Gas Ltd. has an average target of 570.00. The consensus estimate
represents an upside of 15.83%
from the last price of 492.10.
- This broker has downgraded this stock from it's previous report. (eg. - Buy->Hold)
- Broker has maintained previous recommendation but reduced share price target.
- This broker has upgraded this stock from it's previous report.(eg. - Sell->Hold)
- Broker has maintained previous recommendation but increased share price target.
Prince Pipes: We maintain our BUY rating on Prince Pipes, with a revised lower target price of INR 645/sh (18.5x its Sep-24E EBITDA). We continue to like Prince for its large product portfolio, robust pan-India distribution, and low exposure (~30-35%) to price-sensitive agri/rural markets. Prince Pipes reported weak performance in Q2FY23 as it delivered both a YoY volume decline (-10%) and an EBITDA loss of INR 113mn (OPM: -1.8%). The performance is adversely impacted due to continued dealer destocking and sharp inventory lossesINR 0.8-0.9bn or INR 22/kg in Q2FY23! Teamlease Services: Teamlease reported lower-than-expected revenue growth of 4% QoQ and margin expansion of 27bps (on a lower base) lagged estimates. The general staffing volume growth of 2.3% QoQ was the lowest in the last four quarters and compliance-related issues impacted the NETAP trainee's growth. The hiring activity remained stable in key verticals like BFSI, consumer and e-commerce while a slowdown was witnessed in emerging verticals like Fintech and Ed-tech. The specialised staffing was impacted due to one client-specific issue in Telecom vertical while IT staffing was stable. Core staffing and HR services will continue to witness growth while NETAP/specialised staffing will take 1-2 quarters to recover. We expect gradual improvement in core staffing margin supported by better markup, higher associate/core ratio and cost savings. HR services/specialised staffing margin target is ~8-9%. We cut our revenue estimate by ~3-4% and cut EPS estimate by ~11/7% for FY23/24E due to revenue and margin miss. We maintain BUY with TP of INR 3,450 based on 32x FY24E EPS (vs...
Gujarat Gas (GGL) has delivered a strong 53% YoY increase in EBITDA and a 62% YoY jump in net earnings to Rs4bn in Q2FY23, despite a material 33% YoY dip in overall volumes.
Star Cement: We maintain BUY on Star Cement with an unchanged TP of INR 115/share (8x its Mar-24E consolidated EBITDA). Star reported strong performance in Q1FY23, with its unitary EBITDA (INR 1267/MT up 4% YoY) topping the industry after two years. This is driven by healthy volume traction and Siliguri ramp-up, robust pricing recovery in the north-east region (NER) and low cost fuel sourcing (vs industry). The company's plans to increase its capacity by 70% to 9.7mn MT by end-FY24 has gained pace as it received environmental clearance (EC) for the clinker expansion. Robust current cash position and healthy cash flow outlook should keep balance sheet unstressed. HG Infra: HG Infra's (HG) revenue/EBITDA/APAT came in at INR 10.7/1.6/1bn, a beat of 3.9/3.6/7.2%. HG has reiterated its revenue guidance of INR 50/60bn for FY23/24 on the back of a robust OB. HG has also restated its EBITDA margin for FY23/24 to be at 15.5-16%. With order inflow (OI) of INR 49.7bn (including GST) vs. INR 90-100bn order inflow guidance for FY23, the order book (OB) stood at INR 115bn (the highest-ever) at Jun'22 end. The OB is well diversified geographically. The standalone gross/net debt increased to INR 4.5/4.4bn, as of Jun'22, vs. INR 3.1/1.6bn, as of Mar'22. HG has guided to bring the gross debt level to INR 3.5bn by Mar'23. It plans to monetise the three completed HAM projects and one HAM project is expected to be completed in H1FY23, by Mar-23. Given robust order inflows and strong execution, we maintain BUY, with an increased SOTP-based...
Gujarat Gas (GGL) presents an excellent opportunity to enter the stock at current levels, with the stock seeing multiple concerns buffeting the stock price (down 14% last 3 months) amidst multiple concerns on volumes and margins.
Dalmia Bharat: Dalmia Bharat reported strong Q4FY22 result, led by a healthy rebound in its cement realisation, leading to a ~25% EBITDA beat vs ours and consensus estimates. While consolidated revenue rose 7% YoY on both realisation and volume uptick, EBITDA fell 11% on sharp energy cost inflation. Unitary EBITDA rebound 44% QoQ to INR 1,035/MT due to a healthy cement price recovery in the east, rise in share of trade sales, and op-lev gains. Continued gains in its IEX investments turned balance sheet net cash in Mar-22. Dalmia noted that its plans to expand capacity to 49mn MT by FY24E is on track. Owing to its attractive valuation, we maintain our BUY rating, with a revised TP of INR 2,030/sh (13x its Mar-24E consolidated EBITDA). Max Financial: MAXL disappointed on total APE (15% below our estimates); however, the shift in product mix towards NPAR and group credit-life resulted in higher-than-anticipated VNB margin at 31.9% (+648bps vs. estimate), leading to VNB clocking in at INR5.86bn (two-year CAGR of 35%). We flag MAXL's 500bps loss in AXSB wallet share as a key business concern and believe that maintaining/recouping this wallet share remains a key monitorable in the near to medium term. We lower our VNB estimates by 5-6% for FY23E-24E to factor in growth slowdown in banca channel and expect MAXL to deliver APE CAGR of 13%, VNB CAGR of 11%, and operating RoEVs in the range of 20-21% over FY23-24E. We retain our ADD rating, with a revised target price of INR1,030 (Sep-22E EV + 16.4x...
reliance on Russian gas (which accounted for 40% of gas supplies) will keep spot LNG at elevated levels. Also GGAS has cut supplies to industrial customers by ~1mmscmd to reduce dependence on spot LNG, which accounts for 21% of FY22E supplies. To tide over tight market conditions, recently GSPC (parent of GGAS) won tenders to secure 0.58mmscmd (5% of...
PAT at | 121.9 crore, down 68.9% YoY, 51% QoQ (estimate: | 178 crore) What should investors do? Gujarat Gas' share price has grown ~2x+ in last two years (from ~300 in February 2020 to 647 in February 2022). WE maintain our HOLD rating on the stock...
We interacted with one of the largest Morbi based unlisted ceramic majors to better understand demand trends, opportunities and its impact on GGAS. Morbi accounted for over 90% of India's ceramic production and ~60% of GGAS gas demand. While demand remains robust post pandemic, sharp increase in gas prices and continued high freight rates have led Morbi's ceramic industry to operate at ~85% utilization from over 95% a year back....
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