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GPPL
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-0.30 (-0.24%)
NSE Volume
6.3L+
Broker Reports
BUY
BUY
GPPL expects to become DFC compliant by Q4CY20, provide time table bound services to its clients and also attract potential clients from other ports (ex-Gujarat). It is running at ~65% capacity utilisation and is expected to undertake major capex once utilisation reaches 80%. Higher utilisation with a favourable product mix remains key to stronger earnings for GPPL. Post DFC, incremental FCF could be further utilised for port expansion (mostly greenfield expansion). We revise our target price to | 85 (at FY22E P/E multiple of 13) and maintain BUY rating.
BUY
GPPL is operating at ~60-65% capacity utilisation and is expected to undertake major capex once utilisation reaches 80%. Higher utilisation with a favourable product mix remains key to stronger earnings for GPPL. Post DFC, the incremental FCF could be further utilised for port expansion (mostly greenfield expansion). We roll over to FY22 with a revised target price at Rs 105 (at FY22E P/E multiple of 12) with a BUY rating.
HOLD
GPPL is running at ~60-65% of capacity utilisation and is expected to undertake a major capex program once the utilisation reaches 80%. Higher utilisation with a favourable product mix remains key to the stronger earnings for GPPL. Post DFC, the incremental FCF could be further utilised for port expansion (mostly greenfield expansion). We maintain our target price at | 90 (at FY21E P/E multiple of 14) with a HOLD rating on the stock.
HOLD
GPPL is expected to turn DFC compliant in FY20 (capex of ~| 140 crore in FY20), with electrification and rake handling over 269 km rail track, which connects GPPL to DFC network. Also, the management expects the discussion on the extension of port license by GMB to commence post elections. However, an unfavourable product mix, rising competition with other ports and continuance of subdued margins in the short to medium term has led us to revise our target price to Rs 90 (at FY21E P/E multiple of 14) with a HOLD rating on the stock.
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