External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We value the transmission business using discounted cash flow (DCF) at INR 137/sh (WACC of 10% and terminal growth rate of 3%). To this, we add INR 201/sh as the value of its investments in Gujarat Gas, Sabarmati Gas, etc. to arrive at the target price of INR 338/sh. The stock is trading at 6.9x FY23E PER.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We value the transmission business using discounted cash flow (DCF) at INR 137/sh (WACC of 10% and terminal growth rate of 3%). To this, we add INR 201/sh as the value of its investments in Gujarat Gas, Sabarmati Gas, etc. to arrive at the target price of INR 338/sh. The stock is trading at 6.9x FY23E PER.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Gujarat State Petronet

Gujarat Gas Ltd

HSIE Results Daily: Gujarat State Petronet