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Last Updated on: 25 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo
Stock Ticker - BSE: 532921 | NSE: ADANIPORTS

Adani Ports & Special Economic Zone Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 24, 2024, 10:08 pm

Market Cap 2,45,554 Cr.
Current Price 1,137
High / Low1,621/804
Stock P/E24.0
Book Value 265
Dividend Yield0.53 %
ROCE12.9 %
ROE18.1 %
Face Value 2.00
PEG Ratio1.91

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Adani Ports & Special Economic Zone Ltd

Competitors of Adani Ports & Special Economic Zone Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Adani Ports & Special Economic Zone Ltd 2,45,554 Cr. 1,1371,621/80424.0 2650.53 %12.9 %18.1 % 2.00
Industry Average245,554.00 Cr1,137.0024.00265.000.53%12.90%18.10%2.00

All Competitor Stocks of Adani Ports & Special Economic Zone Ltd

Quarterly Result

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Sales4,5573,9234,0724,1415,0585,2114,7865,7976,2486,6466,9206,8967,560
Expenses2,3261,3901,4732,0842,9692,3202,0902,5262,5582,9822,7242,9022,820
Operating Profit2,2312,5332,5992,0572,0892,8912,6963,2713,6893,6644,1963,9954,739
OPM %49%65%64%50%41%55%56%56%59%55%61%58%63%
Other Income421164656608486441285-885384-104507-70349
Interest530649668649629577534623633520976604484
Depreciation6097837847648408548848469509749859791,012
Profit before tax1,5131,2651,8041,2521,1051,9001,5649172,4912,0662,7412,3413,593
Tax %11%17%15%11%-7%9%15%-24%15%15%19%14%14%
Net Profit1,3421,0501,5351,1121,1771,7381,3371,1392,1191,7622,2082,0153,107
EPS in Rs6.404.877.675.225.487.946.095.369.798.0910.229.4414.41

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales2,6973,5774,8306,1527,1098,43911,32310,92511,87312,55017,11920,85225,611
Expenses9521,1951,9102,2502,5323,0214,1664,3305,9263,8627,5919,90510,791
Operating Profit1,7462,3822,9193,9024,5775,4187,1576,5965,9478,6889,52810,94714,820
OPM %65%67%60%63%64%64%63%60%50%69%56%52%58%
Other Income343446856867301,0378441,2891,9281,9671,832328-97
Interest2815429771,1751,1241,1161,5791,3851,9512,2552,5442,3632,751
Depreciation3164226499121,0631,1601,1881,3731,6802,1073,0993,4233,754
Profit before tax1,1821,7621,9782,5013,1194,1795,2345,1264,2446,2925,7175,4898,217
Tax %8%7%12%7%9%7%30%21%11%20%13%2%
Net Profit1,0931,6391,7412,3242,8563,9023,6904,0453,7855,0494,9535,3937,230
EPS in Rs5.508.108.4011.1813.9918.8917.7419.2718.5224.5823.1324.5833.46
Dividend Payout %18%12%12%10%8%7%11%1%17%20%22%20%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)49.95%6.22%33.49%22.89%36.62%-5.43%9.62%-6.43%33.39%-1.90%8.88%
Change in YoY Net Profit Growth (%)0.00%-43.73%27.26%-10.59%13.73%-42.06%15.05%-16.05%39.82%-35.30%10.78%

Adani Ports & Special Economic Zone Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:19%
5 Years:20%
3 Years:29%
TTM:21%
Compounded Profit Growth
10 Years:18%
5 Years:17%
3 Years:21%
TTM:37%
Stock Price CAGR
10 Years:15%
5 Years:25%
3 Years:17%
1 Year:43%
Return on Equity
10 Years:18%
5 Years:16%
3 Years:16%
Last Year:18%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:47 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital401414414414414414414406406422432432432
Reserves5,9938,35110,35113,09117,11220,48923,95825,05130,03541,39944,95752,34656,744
Borrowings11,62012,97917,77622,34222,21422,37027,71230,24235,85547,93553,43449,47050,485
Other Liabilities3,0222,9333,5412,5383,6293,9604,2286,2178,2858,57213,74014,75118,354
Total Liabilities21,03524,67732,08238,38543,36947,23356,31161,91774,58298,328112,563116,999126,015
Fixed Assets11,38213,16320,52720,88321,05422,67028,12132,71548,29162,55372,22475,14879,136
CWIP2,9512,0251,2761,9674,5144,5454,4833,2163,6974,0236,63710,93613,328
Investments222632605451,1611,0797821,1782,2363,1617,4324,2894,489
Other Assets6,4809,42610,02014,99016,64118,93822,92424,80820,35828,59126,27126,62729,062
Total Assets21,03524,67732,08238,38543,36947,23356,31161,91774,58298,328112,563116,999126,015

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +1,3791,1323,0572,3814,0635,6086,0297,4027,55610,42011,90015,018
Cash from Investing Activity +-5,136-2,510-2,485-4,153-2,629-3,846-4,368-749-14,064-5,493-16,716-6,768
Cash from Financing Activity +4,138772-2372,170-1,325-1,8892,313-4,2563,514-586-2,734-7,800
Net Cash Flow381-606335398109-1273,9752,397-2,9944,341-7,550450

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow1.00-9.00-10.00-14.00-18.00-17.00-15.00-21.00-25.00-27.00-38.00-43.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days737076125116139939885546950
Inventory Days
Days Payable
Cash Conversion Cycle737076125116139939885546950
Working Capital Days147199106712482441456023451519
ROCE %11%14%14%13%14%17%14%12%14%11%10%13%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Promoters63.83%63.83%65.55%66.02%66.02%65.13%61.03%62.89%65.53%65.89%65.89%65.89%
FIIs15.29%15.27%14.26%14.24%14.35%13.77%17.99%16.99%13.83%14.72%14.98%15.19%
DIIs15.83%15.88%15.32%15.06%15.37%14.46%13.02%12.45%13.27%12.01%11.84%12.48%
Government0.03%0.03%0.03%0.03%0.00%0.03%0.00%0.00%0.00%0.00%0.00%0.00%
Public5.02%4.99%4.84%4.65%4.27%6.62%7.95%7.66%7.37%7.39%7.30%6.44%
No. of Shareholders6,16,1146,22,2376,26,7917,27,2287,33,1427,32,36010,98,59610,24,1119,44,1669,70,2479,91,00112,74,010

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Nifty 50 ETF13,297,8260.931605.913,682,4472024-11-23261.11%
Kotak Balanced Advantage Fund5,859,2004.53707.593,682,4472024-11-2359.11%
Kotak Equity Arbitrage Fund - Regular Plan4,294,4001.44518.613,682,4472024-11-2316.62%
SBI Arbitrage Opportunities Fund4,012,0001.82484.513,682,4472024-11-238.95%
UTI Nifty 50 ETF3,682,4470.93444.713,682,4472024-11-230%
Nippon India Arbitrage Fund3,582,4003.31432.633,682,4472024-11-23-2.72%
ICICI Prudential Equity - Arbitrage Fund3,256,8002.41393.313,682,4472024-11-23-11.56%
ICICI Prudential Equity Savings Fund2,490,4003.43300.753,682,4472024-11-23-32.37%
HDFC Balanced Advantage Fund - Regular Plan1,963,2000.31237.093,682,4472024-11-23-46.69%
Nippon India ETF Nifty 50 BeES1,570,2320.93189.633,682,4472024-11-23-57.36%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue2.002.002.002.002.00
Basic EPS (Rs.)37.5524.5822.3924.5818.35
Diluted EPS (Rs.)37.5524.5822.3924.5818.35
Cash EPS (Rs.)56.2740.5934.7635.2926.92
Book Value[Excl.RevalReserv]/Share (Rs.)251.73216.45182.15157.04126.38
Book Value[Incl.RevalReserv]/Share (Rs.)251.73216.45182.15157.04126.38
Revenue From Operations / Share (Rs.)123.6596.5375.4361.7758.44
PBDIT / Share (Rs.)80.3857.8752.2352.5138.39
PBIT / Share (Rs.)62.3842.0239.2642.1430.12
PBT / Share (Rs.)47.4825.1925.3231.0420.91
Net Profit / Share (Rs.)38.2624.7421.7924.9218.65
NP After MI And SOA / Share (Rs.)37.5524.5822.3824.5818.52
PBDIT Margin (%)65.0059.9469.2485.0165.69
PBIT Margin (%)50.4443.5352.0568.2251.54
PBT Margin (%)38.3926.0933.5650.2535.78
Net Profit Margin (%)30.9425.6328.8840.3431.91
NP After MI And SOA Margin (%)30.3625.4629.6739.7931.69
Return on Networth / Equity (%)15.3611.6912.4116.4014.78
Return on Capital Employeed (%)13.158.909.9012.5411.22
Return On Assets (%)6.824.624.986.616.04
Long Term Debt / Equity (X)0.711.021.041.081.02
Total Debt / Equity (X)0.871.091.191.131.09
Asset Turnover Ratio (%)0.220.190.050.070.08
Current Ratio (X)1.061.351.601.781.93
Quick Ratio (X)1.031.311.561.651.89
Dividend Payout Ratio (NP) (%)13.3119.8821.590.0018.37
Dividend Payout Ratio (CP) (%)9.0012.0913.670.0012.70
Earning Retention Ratio (%)86.6980.1278.410.0081.63
Cash Earning Retention Ratio (%)91.0087.9186.330.0087.30
Interest Coverage Ratio (X)6.105.294.344.734.30
Interest Coverage Ratio (Post Tax) (X)4.043.802.973.243.12
Enterprise Value (Cr.)330072.91183387.32198870.73173946.3671689.06
EV / Net Operating Revenue (X)12.368.7912.4813.866.04
EV / EBITDA (X)19.0114.6718.0216.309.19
MarketCap / Net Operating Revenue (X)10.856.5510.2611.384.30
Retention Ratios (%)86.6880.1178.400.0081.62
Price / BV (X)5.493.004.294.692.01
Price / Net Operating Revenue (X)10.856.5510.2611.384.30
EarningsYield0.020.030.020.030.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Adani Ports & Special Economic Zone Ltd as of November 25, 2024 is: 1,157.26

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of November 25, 2024, Adani Ports & Special Economic Zone Ltd is Undervalued by 1.78% compared to the current share price 1,137.00

Intrinsic Value of Adani Ports & Special Economic Zone Ltd as of November 25, 2024 is: 1,302.59

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of November 25, 2024, Adani Ports & Special Economic Zone Ltd is Undervalued by 14.56% compared to the current share price 1,137.00

Last 5 Year EPS CAGR: 12.56%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The company has shown consistent growth in sales (10.46 cr) and profit (3.85 cr) over the years.
  1. The stock has a low average ROCE of 13.08%, which may not be favorable.
  2. The stock has a high average Working Capital Days of 110.17, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 87.33, which may not be favorable.
  4. The company has higher borrowings (31,110.31) compared to reserves (26,913.62), which may suggest financial risk.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Adani Ports & Special Economic Zone Ltd:
    1. Net Profit Margin: 30.94%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 13.15% (Industry Average ROCE: 12.9%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 15.36% (Industry Average ROE: 18.1%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 4.04
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 1.03
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 24 (Industry average Stock P/E: 24)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0.87
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

Adani Ports & Special Economic Zone Ltd. is a Public Limited Listed company incorporated on 26/05/1998 and has its registered office in the State of Gujarat, India. Company’s Corporate Identification Number(CIN) is L63090GJ1998PLC034182 and registration number is 034182. Currently Company is involved in the business activities of Cargo handling incidental to water transport. Company’s Total Operating Revenue is Rs. 4206.22 Cr. and Equity Capital is Rs. 422.47 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Port & Port ServicesAdani Corporate House, Shantigram, Ahmedabad Gujarat 382421investor.apsezl@adani.com
http://www.adaniports.com
Management
NamePosition Held
Mr. Gautam S AdaniExecutive Chairman
Mr. Karan AdaniManaging Director
Mr. Ashwani GuptaWholeTime Director & CEO
Mr. Rajkumar BeniwalNon Exe.Non Ind.Director
Mr. Rajesh S AdaniNon Exe.Non Ind.Director
Prof. Ganesan RaghuramInd. Non-Executive Director
Mr. Gopal Krishna PillaiInd. Non-Executive Director
Mr. P S JayakumarInd. Non-Executive Director
Mr. Bharat ShethInd. Non-Executive Director
Mrs. M V BhanumathiInd. Non-Executive Director

FAQ

What is the latest intrinsic value of Adani Ports & Special Economic Zone Ltd?

The latest intrinsic value of Adani Ports & Special Economic Zone Ltd as on 25 November 2024 is ₹1157.26, which is 1.78% higher than the current market price of ₹1,137.00.

What is the Market Cap of Adani Ports & Special Economic Zone Ltd?

The Market Cap of Adani Ports & Special Economic Zone Ltd is 2,45,554 Cr..

What is the current Stock Price of Adani Ports & Special Economic Zone Ltd as on 25 November 2024?

The current stock price of Adani Ports & Special Economic Zone Ltd as on 25 November 2024 is 1,137.

What is the High / Low of Adani Ports & Special Economic Zone Ltd stocks in FY 2024?

In FY 2024, the High / Low of Adani Ports & Special Economic Zone Ltd stocks is 1,621/804.

What is the Stock P/E of Adani Ports & Special Economic Zone Ltd?

The Stock P/E of Adani Ports & Special Economic Zone Ltd is 24.0.

What is the Book Value of Adani Ports & Special Economic Zone Ltd?

The Book Value of Adani Ports & Special Economic Zone Ltd is 265.

What is the Dividend Yield of Adani Ports & Special Economic Zone Ltd?

The Dividend Yield of Adani Ports & Special Economic Zone Ltd is 0.53 %.

What is the ROCE of Adani Ports & Special Economic Zone Ltd?

The ROCE of Adani Ports & Special Economic Zone Ltd is 12.9 %.

What is the ROE of Adani Ports & Special Economic Zone Ltd?

The ROE of Adani Ports & Special Economic Zone Ltd is 18.1 %.

What is the Face Value of Adani Ports & Special Economic Zone Ltd?

The Face Value of Adani Ports & Special Economic Zone Ltd is 2.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Adani Ports & Special Economic Zone Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE