Tatapower
BROKERAGE RADAR CLSA ON TATA POWER : 09.08.2021
* CLSA on Tata Power: Maintain BUY, Target at Rs 160/share
• Repricing of debt & net long coal drives solid Q1
• Core Q1 Ebitda was up 12% YoY led by strong coal
• Raise Target price from Rs 127 to Rs 160
• Lift our EPS 3% -6% to factor-in de leveraging, lower rates
EDELWEISS ON TATA POWER : 09.08.2021
* Edelweiss maintains BUY call on Tata Power, target at Rs 170/sh
* Co Began FY22 On A Strong Note With A 10% PAT Outperformance in Q1
* Integrated CGPL & Coal Mining Business Reported 150 Cr PAT On Higher Coal Prices
*3,000 Cr Sequential Increase In Net Debt, Largely Due To Refinancing Of Perpetual Debt
* Strong Ramp-Up In EPC, But With Less Than 4% Margins Due To Higher Module Prices
* Odisha AT&C Loss Increased By 200 bps, Impacted By The Second COVID Wave
* Firm Plans To Foray Into Transmission Business
* MAINTAIN BUY TARGET: 170
CLSA maintains BUY call on Tata Power, target at Rs 160/sh
CLSA ON TATA POWER (CMP: 135.30)Repricing Of Debt And Net Long Coal Drives Solid Q1
Core Q1 EBITDA Up 12% YoY Led By Strong Coal & Lower Mundra Proj Loss-Making Generation
Emerging RE Play & NCLT Approval Of Merger Of CGPL Key
JPMorgan maintains OVERWEIGHT call on Tata Power, target at Rs 155/sh
Q1FY22 Beat, Strategic Objectives Of ESG, Growth & Deleveraging Remain In Sight
Mgmt's Key Focus Remains To Scale Up Renewables & Adjacent Biz, Keeping Leverage Contained
Co Is Our Top Pick In Utilities
