Gujarat State Petronet Ltd Research Report By Emkay

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March 20, 2015 at 3:34 pm #1879

Vidhi Khanna
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Considering revised tariff calculation post APTEL’s verdict, new tariffs are likely to be higher by 8-10%. LNG capacity addition at Dahej and other parts of India will bring more volumes. We expect value un-locking from CGD investment to further improve valuations. At CMP, GSPL trades at 12x FY17EPS and 1.4x P/BV. We maintain Buy with TP of Rs151 (core value Rs117 and CGD investment Rs34). Gas pooled pricing in power sector would be an additional trigger for GSPL.

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