The only difference between what I said, and what you say is
PAT Margins – 10% considered in my assumption vs 15% in yours
O&M – 300 Crore yearly revenue run rate – which should acrrue after 2025-26 atleast
Meanwhile I have been extra optimistic by assigning 50% order wins to HBL, whereas we all would appreciate, govt wouldnt let this be a 2 player market
Other questions or Risks to consider
All this movement has come because of Modi Government. With Elections round the corner, shouldnt we wait. If at all there is some upheavel, entire Railway board may change. Remote risk as of now, but still exists
Why Banyan Tree had to exit 10%+ of the stock in a piece meal basis. No Institutional buyers came forward for a block deal ??? Typically such large stakes are first offered via block deals. What did the Institutions miss in the entire thesis that we are seeing.
Infact HBL has now shared a good explanatory PPT and still no buyer interest.
I am not implying Institutions arew godsend. But atleast think what risks are they seeing ?
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