Powergrid
15.02.2022 - MS on Powergrid Maintian Overweight CMP 201 Target 239
10.02.2022 - CLSA on Powergrid Maintain Buy CMP 209.95 Target 250
MACQUARIE ON POWER GRID : 22.06.2021
* Downgrade to Neutral, raise EPS estimates by ~3% for FY22/23E
* Target for Power Grid at Rs 240/share
* Management expects Rs 10,000 cr capex & capitalization run-rate from FY23 onwards
• This implying ~4-5% sustainable growth rate
• Expect dividends to stay elevated at Rs13-14/share
CITI ON POWER GRID : 21.06.2021
• Maintain BUY, Target at Rs 284/share
• Meets FY21 targets; More asset monetization ahead
• PGCIL capitalized assets worth Rs 215bn in FY21
• PGCIL will further monetize Rs 5,000cr worth of TBCB projects
• Capex has expectedly slowed down
• PGCIL has ample scope to monetize assets at competitive cost of capital
CLSA ON POWER GRID : 18.06.2021
* MAINTAIN BUY TARGET: 275
* CLSA raises FY22/23 EPS estimate for Power Grid by5%.
* It's An Attractive Dividend Yield Stock; A Good Play On Green Corridors
• Valuation Inexpensive At Current Levels
• Raise FY22/23 EPS Estimate By 5%
CLSA ON POWER GRID : 18.06.2021
• Maintain BUY, Target at Rs 275/share
• Start of a large high-voltage direct current line improves visibility
• Backlog growth starts; PAT up 13% in a tough year
• Strong capitalisation, but peaked in FY21
* Balance sheet gets better - debtors fall, InviT upside in 1QFY22
• Power Grid is growth plus high-dividend-yield play
