CNBC-TV18’s research analyst, Kanchi Gandhi: An excellent subscription for Mundra Port, nearly 115 times. The HNI portion was subscribed 153 times, the QIB 159 times. On the subscription basis, it was very good subscription for this one. The issue price was at Rs 440, the grey market premium around Rs 550 which means that we can expect a listing of around Rs 1,000.
The important thing is the valuation; if one looks at some of the parts valuations for the company we have got three major segments - the port, the SEZ and CT-II. We are looking at on a very conservative basis and some of the part valuations of around Rs 399 and it gets around 48% to 49% of it’s valuations from the SEZ portion, around 40% from the port and the CT-II segment just contributes around Rs 62 per share. So on a very conservative basis we are looking at some of part valuations at around Rs 399 per share.
Most analysts are expecting it little bit higher than the CLSA, which put some of the valuations of around Rs 445 per share and some going even higher. But we might see rerating and more clarity will come in as we see more details coming in on how much revenues will be from each of the revenue segment. So once that comes in there will be more clarity on this segmental valuation break-up. Looking at the financial, we are expecting for the FY08 revenues of around Rs 814 crore mark, FY09 somewhere around the Rs 1,100 crore mark.
Looking at an EPS of FY08 of Rs 8.7 and for FY09 around Rs 14 mark. So it is trading at roughly at Rs 50-51 times FY08 and around Rs 31 times FY09. If one looks at the listed players in India we have got nothing that comes close to is such a vastly varied company segment. The closest is Sical Logistic but on the global player basis some of the Chinese ports are trading at around PE 37 calendar year FY07 earnings and around 30 times FY08 earnings. On that basis it is not looking all that expensive, very good subscription, at around Rs 550 grey market premium; we are expecting listing of around Rs 1,000.
Source: Moneycontrol.com
Monday, November 26, 2007
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