Ashoka Buildcon IPO Note; Attractive valuation ‘SUBSCRIBE’
l Portfolio of 17 projects covering ~3400 lane kms makes Ashoka Buildcon, India’s premier BOT developer. In house EPC arm leads
to timely execution of projects
l NHAI expects to award 18000 kms over FY11-12 - expect Ashoka with significant track record to be amongst the primary beneficiary
l Lucrative BOT portfolio leading to re-leveraging of B/S – 15 out of 20 had got re-leveraged. B/S can be further leveraged by Rs3.5
bn, providing dilution free growth.
l Stock attractively valued - base case value at Rs378 provides 17% upside - Recommend SUBSCRIBE
For more details visit http://www.insighttechnical.net
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