Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Late Wednesday, the boards of <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/f5108573-775f-47c2-8cbf-3728e7cab738.pdf" target="_blank" rel="noopener">Adani Enterprises</a>, <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/81efc0ed-99b8-4f66-bbfe-f06c6173038e.pdf" target="_blank" rel="noopener">Adani Green Energy</a>, and <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/bdeabbc4-4e66-47b6-8229-ded6bc257bcf.pdf" target="_blank" rel="noopener">Adani Transmission</a> announced they would meet Saturday to consider fund-raising proposals.</li>
<li>They will consider issuance of equity shares or other eligible securities through a private placement, a qualified institutions placement, or a preferential issue, among other methods.</li>
<li>Earnings just out were generally good/up. They still need/want to raise equity. SEBI is still conducting its investigation but hints are there's trouble. A set of private placements looks likelier.</li>
</ul>


Late Wednesday, the boards of Adani Enterprises, Adani Green Energy, and Adani Transmission announced they would meet Saturday to consider fund-raising proposals.
They will consider issuance of equity shares or other eligible securities through a private placement, a qualified institutions placement, or a preferential issue, among other methods.
Earnings just out were generally good/up. They still need/want to raise equity. SEBI is still conducting its investigation but hints are there's trouble. A set of private placements looks likelier.


Adani Enterprises, Green Energy, Transmission Boards to Consider Equity Raises

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

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Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Adani Green Energy's FY 2022-23 earnings were strong as expected, supported by robust revenue and EBITDA growth. Net debt was largely stable, thanks to improved operating cash flows and reduced capex. Leverage strengthened, though Net Debt/EBITDA remained weak at 9.8x (FYE 2021-22: 15x). Liquidity is inadequate, albeit we believe the company will be able to obtain project funding for its new plant developments. We view positively management's intention to communicate refinancing plans for the 2024 bonds by June 2023.

  Adani Green Energy's FY 2022-23 earnings were strong as expected, supported by robust revenue and EBITDA growth. Net debt was largely stable, thanks to improved operating cash flows and reduced capex. Leverage strengthened, though Net Debt/EBITDA remained weak at 9.8x (FYE 2021-22: 15x).   Liquidity is inadequate, albeit we believe the company will be able to obtain project funding for its new plant developments. We view positively management's intention to communicate refinancing plans for the 2024 bonds by June 2023. 

Adani Green Energy - Earnings Flash - FY 2022-23 Results - Lucror Analytics

<ul>
<li>Every quarter, Indian companies report their "Shareholding Pattern" for all to see. They show holdings by category type, and holders over 1%. </li>
<li>The big news in Q1 in AdaniLand was the failed FPO, thwarted by the Hindenburg Research report, and the Adani Promoter sale of stakes in 4 companies to GQG Partners. </li>
<li>The details in the change of the shareholder structure are, however, interesting.</li>
</ul>


Every quarter, Indian companies report their "Shareholding Pattern" for all to see. They show holdings by category type, and holders over 1%. 
The big news in Q1 in AdaniLand was the failed FPO, thwarted by the Hindenburg Research report, and the Adani Promoter sale of stakes in 4 companies to GQG Partners. 
The details in the change of the shareholder structure are, however, interesting.


Analysis of Adani Group Shareholder Structure Changes in Q1 - Stock Moved

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-29012'>Adani Green Energy</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Adani Green Energy

Specialist in Indian Banking and Economic Research

Hemindra Hazari

Equity Bottom-Up

<ul>
<li>Short-Term borrowing plays an important role in the Adani group</li>
<li>Rescinding of Adani Enterprises FPO and meltdown in share prices heightened liquidity concerns of the group</li>
<li>This analyst estimates the liquidity gap to be around US$ 8 bn for FY2023 which needs to be bridged by long-term funds and/or cash flow from operations</li>
</ul>


Short-Term borrowing plays an important role in the Adani group
Rescinding of Adani Enterprises FPO and meltdown in share prices heightened liquidity concerns of the group
This analyst estimates the liquidity gap to be around US$ 8 bn for FY2023 which needs to be bridged by long-term funds and/or cash flow from operations


Adani Group Has a Significant Liquidity Gap to Bridge

India

Adani Green Energy Limited operates as a producer of renewable energy. The Company builds, owns, and operates power plants for solar and wind energy. Adani Green Energy serves customers worldwide.


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Adani Green Energy (ADANIGR IN)

Adani Enterprises, Green Energy, Transmission Boards to Consider Equity Raises

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Travis Lundy

Adani Green Energy - Earnings Flash - FY 2022-23 Results - Lucror Analytics

Adani Green Energy's FY 2022-23 earnings were strong as expected, supported by robust revenue and EBITDA growth. Net debt was largely stable,...

Lucror Analytics

Analysis of Adani Group Shareholder Structure Changes in Q1 - Stock Moved

Adani Group shareholder patterns for end-Q1 are out. That means the changes are visible. There are some weird changes. They indicate lower Real...

Travis Lundy

Morning Views Asia: Adani Green Energy

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Adani Group Has a Significant Liquidity Gap to Bridge

Analysis of the 7 listed Adani companies in FY2022 reveals a significant liquidity gap for FY2023 which needs to be bridged through long-term funds

Hemindra Hazari

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