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ICICI Securities Report
Gujarat Gas Ltd. presents an excellent opportunity to enter the stock at current levels, with the stock seeing multiple concerns buffeting the stock price (down 14% last three months) amid multiple concerns on volumes and margins.
Indeed, the next 12 months will be concerning for city gas distributions, with high gas costs, stagnant petrol and diesel prices (due to no price hikes) and for Gujarat Gas, the threat of large scale propane migration at Morbi.
We believe, however, current valuations of 19.7 times FY24E earnings per share, 11.5 times enterprise /Ebitda more than factor in the downsides from near-term stress and completely ignore longer term business strengths of Gujarat Gas.
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