GUJARAT GAS Rating
MACQUARIE ON GUJARAT GAS : 02.06.2021
* MAINTAIN NEUTRAL TARGET: 500
* Macquarie has a Neutral rating on Gujarat Gas despite Q4 earnings meaningfully ahead of estimates
* Q4 Meaningfully Ahead Of Estimates
* Q4 Led By Slightly Higher Volume & Better-than expected Margin
* Unit EBITDA Healthy At *5.10/scm Despite A Spike In Spot LNG Prices
CLSA ON GUJARAT GAS : 02.06.2021
* CLSA downgrades Gujarat Gas to Outperform from Buy as it finds limited margin & valuation tailwinds going forward
* DOWNGRADE OUTPERFORM TARGET: 570
* Strong Quarter But Limited Margin & Valuation Tailwinds Ahead
* Raise FY22-23 EPS Estimates By 5-12%
* Co Now Trades At 17% Discount To IGL's PE
