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Old 22-01-2015, 01:27 PM
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Q2 results in line with expectations; deleveraging on track

Aban offshore’s (Aban) reported results came in line with SSLe. With tepid revenue growth (1.7% YoY), Aban managed a much improved EBITDA (+475bpsYoY). Falling interest burden and certain MAT entitlements of the last-year period almost doubled PAT on YoY basis to Rs1.49bn. We had penciled in a similar number of Rs1.52bn during 2QF15e. Interest cost has eased to 47% EBITDA (earlier year 54%). Aban’s interest cost declined 3% to Rs2.7bn during the quarter due to repayment of certain loans. Aban is on track in repaying the two outstanding bonds. Post which, not only will interest cost shrink to ~6% but it will also reduce its gross debt to US$1.8 bn (early US$2.2bn). We expect the ratio of Net Debt to EBITDA to fall to 5.7x and 5.5x in F15e and F16e, respectively. We retain our estimates and maintain BUY with an unchanged target price of Rs994.

EBITDA Margin stands at 58% during 2QF15: Aban IV had 23 non-working days in the quarter. Therefore, the reported revenues grew just 1.7%YoY and fell 0.9% QoQ to Rs10.1bn. Nevertheless, EBITDA registered improved growth of 10.8%YoY to Rs5.8bn but shrunk 2.2% QoQ. EBITDAM surprised with an improvement of 475bps YoY (a decline of 75bps QoQ) and ended 57.8% (unlike 55.7% that we estimated). PAT improved 91.5% YoY basis and fell 2.6% QoQ basis to Rs1.48bn. These improvements came from interest costs that reduced 3% YoY and lower tax rate of 16.4% (compared to 28.5% a year ago and 20.8% a quarter ago). Aban IV and Aban III will work on new contracts for ONGC with better day rates of US$83K (earlier US$63K). These contracts will provide the revenue jump 1QF16 onwards.

Rig realizations unchanged for the moment: Despite falling crude oil prices (to $83per barrel), the management expects no fall in realizations because majority of rigs contracts allotted to nationalized oil companies, which would unlikely slowdown in terms of exploration and b) rigs contracts allotted with long duration (three years of contract period). In conclusion, short term hiccups in oil prices would not affect Aban and we expect the company to deliver 13.5% and 16.3% PAT margin during F15e and F16e.

Valuations: At current price of Rs644, the stock trades at EV of 7.7x F15e EBITDA. We value stock at 8x EV/EBITDA multiple on F16e on account of improving rig rates at the time of contract renewals. We retain our estimates as before and maintain BUY with an unchanged target price of Rs994.


possibly 999 for if everything favors them
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Last edited by nTP; 22-01-2015 at 01:56 PM.
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Old 22-01-2015, 01:39 PM
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Bhai aisi ek report Rpower pe bhi vhhap do
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Old 22-01-2015, 01:47 PM
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Originally Posted by praveen taneja View Post
Bhai aisi ek report Rpower pe bhi vhhap do

http://articles.economictimes.indiat...mitesh-thacker

http://in.rbth.com/blogs/2014/12/16/...bit_40369.html
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Last edited by nTP; 22-01-2015 at 01:54 PM.
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Old 22-01-2015, 04:38 PM
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Bhai Report ek maheena purana ho gayyaaaaaaaaaaaa
ab Indo us deal ka time hai
Rpower move 20 paisa ahead for 3 dais and on 4th day come down one Rs
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Old 23-01-2015, 07:49 AM
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Originally Posted by praveen taneja View Post
Bhai Report ek maheena purana ho gayyaaaaaaaaaaaa
ab Indo us deal ka time hai
Rpower move 20 paisa ahead for 3 dais and on 4th day come down one Rs

KKS knows only about rpower report.
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Old 23-01-2015, 09:31 AM
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Power , pharma , oil are political hot potatoes
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Old 23-01-2015, 10:17 AM
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Originally Posted by dumbtrader View Post
Power , pharma , oil are political hot potatoes

Bro bought after watching it below BV and thinking that if India can grow then only India need power and RPOWER is a good company with huge investement now start giving fruits
Many of plants started or going to start SASAN is one of them so betting for 99 lets see before budget it can or not Aage Ram Ji Ki Marji
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Old 23-01-2015, 11:05 AM
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Originally Posted by praveen taneja View Post
Bro bought after watching it below BV and thinking that if India can grow then only India need power and RPOWER is a good company with huge investement now start giving fruits
Many of plants started or going to start SASAN is one of them so betting for 99 lets see before budget it can or not Aage Ram Ji Ki Marji

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Old 23-01-2015, 12:50 PM
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Originally Posted by praveen taneja View Post
Bro bought after watching it below BV and thinking that if India can grow then only India need power and RPOWER is a good company with huge investement now start giving fruits
Many of plants started or going to start SASAN is one of them so betting for 99 lets see before budget it can or not Aage Ram Ji Ki Marji

There are often a lot of earnings that never comes on the balance sheet for an array of reasons.
This is why investing in real-estate stocks rarely paid-off as debt kept on piling despite rising (or at the most stable prices).
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Old 23-01-2015, 01:04 PM
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Originally Posted by avadhoot View Post
There are often a lot of earnings that never comes on the balance sheet for an array of reasons.
This is why investing in real-estate stocks rarely paid-off as debt kept on piling despite rising (or at the most stable prices).

rPOWER IS NOT A REAL ESTATE COMPANY BRO

Looks Rpower gave a long pending break out just now cmp 63.80 a close above 63.50 would confirm that atche din aane waale hain Jai Ram Ji Ki
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