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GVKP IN
Price (at 10:30, 12 Aug 2013 GMT) Valuation
- Sum of Parts
Outperform Rs6.44
Rs 8.70 8.70 +35.1 +35.2 High Utilities 10,170 188 45 0.2 1,579
12-month target Rs Upside/Downside % 12-month TSR % Volatility Index GICS sector Market cap Rsm Market cap US$m Free float % 30-day avg turnover US$m Number shares on issue m Investment fundamentals
Year end 31 Mar Revenue EBIT EBIT growth Recurring profit Reported profit Adjusted profit EPS rep EPS rep growth EPS adj EPS adj growth PER rep PER adj Total DPS Total div yield ROA ROE EV/EBITDA Net debt/equity P/BV
business with fuel supply remaining a key concern and higher interest cost on account of a leveraged balance sheet. We maintain our Outperform rating as we believe airport assets have embedded value. We have reduced our target price to Rs8.7 (from Rs15) as we build in a lower value for power assets.
Impact
Asset monetization required to meet equity shortfall: GVK needs ~Rs5b
2013A 2014E 2015E 2016E m 26,077 32,358 45,765 49,038 m 4,682 9,165 13,619 15,496 % -48.9 95.7 48.6 13.8 m -2779 -325 353 2,617 m -3360 -1139 1,183 1,986 m -3360 -1139 1,183 1,986 Rs -2.13 -0.72 0.75 1.26 % -194.9 66.1 nmf 67.9 Rs -2.13 -0.72 0.75 1.26 % -194.9 66.1 nmf 67.9 x nmf nmf 8.6 5.1 x nmf nmf 8.6 5.1 Rs 0.01 0.01 0.01 0.01 % 0.2 0.2 0.2 0.2 % 1.8 3.1 4.1 4.4 % -9.7 -3.5 3.6 5.8 x 16.7 9.5 6.1 5.7 % 190.9 223.1 248.6 233.6 x 0.3 0.3 0.3 0.3
of equity for the BOT projects under construction in the roads and power segment in the next 2 years. We believe that with the current cash position of Rs2b and no operating cash flow generation, asset monetization remains the only option to fund the equity requirement.
Leverage remains a key concern: Consolidated Net Debt/Equity has gone
up to 2.6x from 1.2x in FY11. The interest coverage ratio stands low at 1.1x with almost all EBITDA generated going to pay back the interest cost. We believe despite revenue growth, GVK will not be able to generate free cash due to a high interest rate regime and leveraged Balance sheet.
Airports strong performance on account of revised tariff: MIAL (Mumbai
Airport) reported a 64% yoy growth in revenue, led by revised tariffs. Management highlighted that they want to sell a 25% stake in the MIAL. Management highlighted that they have all approvals in place for MIAL real estate monetization.
Roads JKEL strong core operations despite weak macro: Jaipur-
Kishengarh expressway (JKEL) revenue grew by 9% YoY with traffic growth of 4% YoY. The equity requirement for Deoli Kota and Bagodara Vasad projects is Rs2.2b in the next 2 years.
Power Continue to bleed on no gas availability: The power segment
reported EBIT of Rs351m mainly on account of losses from the gas-based projects which dont have any gas availability. Govindwal Sahibs project cost has escalated to Rs40.1b from Rs32b earlier. The total equity requirement for power projects in the next 2 years is Rs2.5b.
Source: FactSet, Macquarie Research, August 2013 (all figures in INR unless noted)
Price catalyst
12-month price target: Rs8.70 based on a Sum of Parts methodology. Catalyst: Asset monetization and fuel availability
Analyst(s)
Inderjeetsingh Bhatia +91 22 6720 4087 inderjeet.bhatia@macquarie.com Amit Sinha +91 22 6720 4085 amit.sinha@macquarie.com
12 August 2013
assets generating higher profitability in the near term, we believe airport assets have embedded value and the MIAL land approval will be key. Maintain OP.
Please refer to the important disclosures and analyst certification on inside back cover of this document, or on our website www.macquarie.com.au/disclosures.
Macquarie Research
16 4 20 6
43.0%
7,007 66 7,007
100.0% 100.0%
7,007 66 7,073
4 0 4
0 -2 -1 -1 1.4 0 -1
85,223
29 20 Standalone debt for Bangalore and Mumbai airport stake acquisition 8.7
12 August 2013
Macquarie Research
GVK Power and Infrastructure (GVKP IN, Outperform, Target Price: Rs8.70)
Quarterly Results Revenue Gross Profit Cost of Goods Sold EBITDA Depreciation Amortisation of Goodwill Other Amortisation EBIT Net Interest Income Associates Exceptionals Forex Gains / Losses Other Pre-Tax Income Pre-Tax Profit Tax Expense Net Profit Minority Interests Reported Earnings Adjusted Earnings EPS (rep) EPS (adj) EPS Growth yoy (adj) m m m m m m m m m m m m m m m m m m m 4Q/13A 6,519 4,720 1,800 2,048 878 0 0 1,171 -1,865 0 0 0 0 -695 -322 -1,016 177 -840 -840 -0.53 -0.53 -194.9 1Q/14E 8,090 6,290 1,800 3,591 1,300 0 0 2,291 -2,373 0 0 0 0 -81 16 -65 -220 -285 -285 -0.18 -0.18 66.1 2Q/14E 8,090 6,290 1,800 3,591 1,300 0 0 2,291 -2,373 0 0 0 0 -81 16 -65 -220 -285 -285 -0.18 -0.18 66.1 3Q/14E 8,090 6,290 1,800 3,591 1,300 0 0 2,291 -2,373 0 0 0 0 -81 16 -65 -220 -285 -285 -0.18 -0.18 66.1 Profit & Loss Revenue Gross Profit Cost of Goods Sold EBITDA Depreciation Amortisation of Goodwill Other Amortisation EBIT Net Interest Income Associates Exceptionals Forex Gains / Losses Other Pre-Tax Income Pre-Tax Profit Tax Expense Net Profit Minority Interests Reported Earnings Adjusted Earnings EPS (rep) EPS (adj) EPS Growth (adj) PE (rep) PE (adj) Total DPS Total Div Yield Weighted Average Shares Period End Shares m m m m m m m m m m m m m m m m m m m 2013A 26,077 18,879 7,198 8,194 3,512 0 0 4,682 -7,461 0 0 0 0 -2,779 -1,287 -4,066 706 -3,360 -3,360 -2.13 -2.13 -194.9 nmf nmf 0.01 0.1 1,579 1,579 2014E 32,358 25,160 7,198 14,363 5,198 0 0 9,165 -9,490 0 0 0 0 -325 65 -261 -879 -1,139 -1,139 -0.72 -0.72 66.1 nmf nmf 0.01 0.2 1,579 1,579 2015E 45,765 37,488 8,278 22,282 8,663 0 0 13,619 -13,266 0 0 0 0 353 -70 283 900 1,183 1,183 0.75 0.75 nmf 8.6 8.6 0.01 0.2 1,579 1,579 2016E 49,038 39,518 9,519 24,159 8,663 0 0 15,496 -12,878 0 0 0 0 2,617 -521 2,097 -111 1,986 1,986 1.26 1.26 67.9 5.1 5.1 0.01 0.2 1,579 1,579
% x x
EBITDA Margin EBIT Margin Earnings Split Revenue Growth EBIT Growth Profit and Loss Ratios Revenue Growth EBITDA Growth EBIT Growth Gross Profit Margin EBITDA Margin EBIT Margin Net Profit Margin Payout Ratio EV/EBITDA EV/EBIT Balance Sheet Ratios ROE ROA ROIC Net Debt/Equity Interest Cover Price/Book Book Value per Share
% % % % %
44.4 28.3 25.0 24.1 95.7 2014E 24.1 75.3 95.7 77.8 44.4 28.3 -0.8 nmf 9.5 14.9
44.4 28.3 25.0 24.1 95.7 2015E 41.4 55.1 48.6 81.9 48.7 29.8 0.6 1.3 6.1 10.0
44.4 28.3 25.0 24.1 95.7 2016E 7.2 8.4 13.8 80.6 49.3 31.6 4.3 0.8 5.7 8.8
% m m
Cashflow Analysis EBITDA Tax Paid Chgs in Working Cap Net Interest Paid Other Operating Cashflow Acquisitions Capex Asset Sales Other Investing Cashflow Dividend (Ordinary) Equity Raised Debt Movements Other Financing Cashflow Net Chg in Cash/Debt Free Cashflow Balance Sheet Cash Receivables Inventories Investments Fixed Assets Intangibles Other Assets Total Assets Payables Short Term Debt Long Term Debt Provisions Other Liabilities Total Liabilities Shareholders' Funds Minority Interests Other Total S/H Equity Total Liab & S/H Funds m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m
2013A 8,194 -1,287 10,641 -7,461 0 10,087 0 -5,914 0 -41,866 -47,780 0 -0 39,292 0 39,292 1,598 4,172 2013A 23,858 3,422 976 19,488 73,150 0 1,57,971 2,78,865 5,260 0 1,50,236 53,845 3,311 2,12,651 31,453 33,188 1,573 66,214 2,78,865
2014E 14,363 65 -290 -9,490 0 4,648 0 -30,000 0 -1 -30,001 0 -0 30,000 0 30,000 4,647 -25,352 2014E 29,927 4,246 976 19,488 97,952 0 1,58,703 3,11,293 6,527 0 1,80,236 53,845 3,311 2,43,918 30,314 35,489 1,573 67,375 3,11,293
2015E 22,282 -70 -765 -13,266 0 8,181 0 -30,000 0 -1 -30,001 0 -0 30,000 0 30,000 8,180 -21,819 2015E 39,230 6,005 1,123 19,488 1,19,289 0 1,60,267 3,45,401 9,231 0 2,10,236 53,845 3,311 2,76,622 31,496 35,710 1,573 68,779 3,45,401
2016E 24,159 -521 -319 -12,878 0 10,440 0 -5,000 0 -1 -5,001 0 -0 5,000 0 5,000 10,439 5,440 2016E 49,670 6,434 1,291 19,488 1,15,626 0 1,60,648 3,53,157 9,891 0 2,15,236 53,845 3,311 2,82,282 33,483 35,820 1,573 70,876 3,53,158
% % % % % % % % x x
-19.4 -43.0 -48.9 72.4 31.4 18.0 -15.6 nmf 17.2 30.1
% % % % x x
All figures in INR unless noted. Source: Company data, Macquarie Research, August 2013
12 August 2013
Financial definitions
All "Adjusted" data items have had the following adjustments made: Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expense Excluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests EPS = adjusted net profit / efpowa* ROA = adjusted ebit / average total assets ROA Banks/Insurance = adjusted net profit /average total assets ROE = adjusted net profit / average shareholders funds Gross cashflow = adjusted net profit + depreciation *equivalent fully paid ordinary weighted average number of shares All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards).
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