External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Our BUY recommendation on Mahanagar Gas (MGL) with a target price of INR 1,240 is premised on (1) attractive valuation, (2) improvement in volume growth due to the acquisition of Unison Enviro’s (UEPL) three geographical areas, and (3) decline in input gas cost</li><li>Q2FY24 EBITDA, at INR 4.8bn, and APAT, at INR 3.4bn, came well above our estimates, owing to higher-than-expected per unit EBITDA margins and volume.</li><li>Our target price of INR 1,240/sh is based on Mar-25E free cash flow (WACC 12%, terminal growth rate 0%). The stock is currently trading at 8.9x Mar-25E EPS.</li></ul><p><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></p>

Our BUY recommendation on Mahanagar Gas (MGL) with a target price of INR 1,240 is premised on (1) attractive valuation, (2) improvement in volume growth due to the acquisition of Unison Enviro’s (UEPL) three geographical areas, and (3) decline in input gas costQ2FY24 EBITDA, at INR 4.8bn, and APAT, at INR 3.4bn, came well above our estimates, owing to higher-than-expected per unit EBITDA margins and volume.Our target price of INR 1,240/sh is based on Mar-25E free cash flow (WACC 12%, terminal growth rate 0%). The stock is currently trading at 8.9x Mar-25E EPS.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.

Mahanagar Gas (Q2FY24): Attractive Valuation. Maintain BUY