ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED

Financials Adani Ports & Special Economic Zone Limited Bombay S.E.

Equities

ADANIPORTS

INE742F01042

Marine Port Services

Market Closed - Bombay S.E. Other stock markets 03:30:54 28/06/2024 pm IST			5-day change	1st Jan Change
1,477 ^INR	-0.46%		-0.56%	+44.26%

27/06	S&P Keeps Adani Ports Rating at BBB-; Revises Outlook to Positive	MT
26/06	Adani Ports Appoints CEO For Logistics Business	MT

Valuation

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	5,10,579	14,27,102	16,35,399	13,64,992	28,98,582	31,92,901	-	-
Enterprise Value (EV) ¹	7,31,949	17,02,062	20,07,348	18,14,838	33,08,683	35,47,276	34,75,276	33,71,939
P/E ratio	13.7 x	28.6 x	34.6 x	25.7 x	35.7 x	30.4 x	26 x	22.6 x
Yield	1.27%	0.71%	0.65%	0.79%	0.45%	0.55%	0.63%	0.73%
Capitalization / Revenue	4.46 x	11.4 x	10.3 x	6.55 x	10.9 x	10.5 x	9.31 x	7.98 x
EV / Revenue	6.4 x	13.6 x	12.6 x	8.7 x	12.4 x	11.6 x	10.1 x	8.43 x
EV / EBITDA	12.3 x	19.6 x	22.6 x	14.1 x	20.9 x	19.2 x	16.5 x	13.7 x
EV / FCF	19.3 x	30.4 x	33.2 x	64.6 x	43.5 x	56.4 x	31.2 x	20.5 x
FCF Yield	5.17%	3.29%	3.01%	1.55%	2.3%	1.77%	3.21%	4.88%
Price to Book	1.99 x	4.66 x	4.28 x	2.99 x	5.47 x	5.13 x	4.4 x	3.81 x
Nbr of stocks (in thousands)	20,31,752	20,31,752	21,12,373	21,60,139	21,60,139	21,60,139	-	-
Reference price ²	251.3	702.4	774.2	631.9	1,342	1,478	1,478	1,478
Announcement Date	05/05/20	04/05/21	25/05/22	30/05/23	02/05/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,14,388	1,25,496	1,59,340	2,08,519	2,67,106	3,05,422	3,42,850	3,99,997
EBITDA ¹	59,390	86,840	88,789	1,28,334	1,58,639	1,84,954	2,10,010	2,45,660
EBIT ¹	42,590	65,771	61,393	94,102	1,19,755	1,41,786	1,63,135	1,92,897
Operating Margin	37.23%	52.41%	38.53%	45.13%	44.83%	46.42%	47.58%	48.22%
Earnings before Tax (EBT) ¹	42,439	62,920	55,412	54,891	1,00,937	1,27,841	1,52,244	1,87,384
Net income ¹	37,631	49,943	47,281	53,102	81,106	1,06,990	1,23,638	1,44,589
Net margin	32.9%	39.8%	29.67%	25.47%	30.36%	35.03%	36.06%	36.15%
EPS ²	18.35	24.58	22.39	24.58	37.55	48.67	56.96	65.35
Free Cash Flow ¹	37,868	56,023	60,510	28,085	76,013	62,868	1,11,404	1,64,424
FCF margin	33.11%	44.64%	37.98%	13.47%	28.46%	20.58%	32.49%	41.11%
FCF Conversion (EBITDA)	63.76%	64.51%	68.15%	21.88%	47.92%	33.99%	53.05%	66.93%
FCF Conversion (Net income)	100.63%	112.17%	127.98%	52.89%	93.72%	58.76%	90.1%	113.72%
Dividend per Share ²	3.200	5.000	5.000	5.000	6.000	8.164	9.259	10.84
Announcement Date	05/05/20	04/05/21	25/05/22	30/05/23	02/05/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	2021 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	51,952	37,971	38,450	46,380	52,108	1,06,289	47,862	57,968	62,476	66,464	1,28,940	69,201	68,965	70,552	75,268	78,360	84,538	-
EBITDA ¹	-	24,310	18,588	30,050	32,600	65,510	30,110	32,713	37,536	38,805	76,341	41,860	40,438	41,209	44,253	48,262	50,665	-
EBIT ¹	-	17,248	11,838	22,817	24,060	-	21,277	24,264	28,041	29,060	-	32,006	30,648	31,800	34,233	36,471	39,602	-
Operating Margin	-	45.42%	30.79%	49.2%	46.17%	-	44.46%	41.86%	44.88%	43.72%	-	46.25%	44.44%	45.07%	45.48%	46.54%	46.85%	-
Earnings before Tax (EBT)	-	17,395	11,704	10,304	19,004	-	15,639	9,195	24,907	25,207	50,114	27,413	23,410	-	-	-	-	-
Net income ¹	-	14,723	10,240	10,724	16,775	28,358	13,155	11,589	21,147	17,478	38,626	22,084	20,397	23,927	27,183	29,161	30,330	-
Net margin	-	38.77%	26.63%	23.12%	32.19%	26.68%	27.49%	19.99%	33.85%	26.3%	29.96%	31.91%	29.58%	33.91%	36.11%	37.21%	35.88%	-
EPS ²	-	6.970	4.850	5.080	7.770	-	6.090	5.360	9.790	8.090	-	10.22	9.440	11.23	12.31	12.91	13.74	14.08
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	6.000	-	8.000	-	6.000	-
Announcement Date	03/11/20	01/02/22	25/05/22	08/08/22	01/11/22	01/11/22	07/02/23	30/05/23	08/08/23	09/11/23	09/11/23	01/02/24	02/05/24	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,21,370	2,74,960	3,71,949	4,49,847	4,10,100	3,54,375	2,82,375	1,79,037
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.727 x	3.166 x	4.189 x	3.505 x	2.585 x	1.916 x	1.345 x	0.7288 x
Free Cash Flow ¹	37,868	56,023	60,511	28,085	76,013	62,868	1,11,404	1,64,424
ROE (net income / shareholders' equity)	15%	17.8%	13.7%	12.1%	16.5%	18%	18.1%	18.2%
ROA (Net income/ Total Assets)	6.34%	7.26%	5.55%	4.95%	6.94%	8.94%	9.63%	-
Assets ¹	5,93,657	6,87,637	8,51,709	10,72,959	11,68,411	11,97,145	12,83,364	-
Book Value Per Share ²	126.0	151.0	181.0	211.0	245.0	288.0	336.0	388.0
Cash Flow per Share ²	36.10	37.20	46.40	55.20	69.50	66.80	82.90	105.0
Capex ¹	36,150	19,535	37,492	91,248	74,163	1,03,865	87,369	75,732
Capex / Sales	31.6%	15.57%	23.53%	43.76%	27.77%	34.01%	25.48%	18.93%
Announcement Date	05/05/20	04/05/21	25/05/22	30/05/23	02/05/24	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Adani Ports & Special Economic Zone Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,478 INR

Average target price

1,549 INR

Spread / Average Target

+4.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Port Services

	1st Jan change	Capi.
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+17.96%	1.85TCr
DP WORLD PLC	0.00%	1.35TCr
MISC	+16.87%	806.19Cr
JSW INFRASTRUCTURE LIMITED	+57.66%	805.07Cr
QINGDAO PORT INTERNATIONAL CO., LTD.	+40.90%	793.24Cr
ABU DHABI PORTS COMPANY	-20.06%	706.39Cr
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	+9.21%	624.73Cr
QUBE HOLDINGS LIMITED	+12.65%	430.33Cr
LIAONING PORT CO., LTD.	-1.61%	358.99Cr

Other Marine Port Services