杰富瑞Jefferies:阿达尼企业Adani Enterprises(AML.IN)-印度股市公司深度报告:机场业务获监管与融资突破;孟买双机场模式启动-250722(英文版)(24页).pdf

编号:736331 PDF  DOCX  中文版 24页 2.23MB 下载积分:至尊VIP专享
下载报告请您先登录!

杰富瑞Jefferies:阿达尼企业Adani Enterprises(AML.IN)-印度股市公司深度报告:机场业务获监管与融资突破;孟买双机场模式启动-250722(英文版)(24页).pdf

1、India|Diversified IndustrialsAdani EnterprisesEquity ResearchJuly 22,2025 PrateekKumar*|Equity Analyst91 22 4224 6154|RaghavMalik*|Equity Associate91 22 4224 6316|FY(Mar)2026E2027E2028EEBITDA(MM)190,937.6245,581.0272,945.4DPS1.201.201.20Net Profit51,851.974,020.980,901.6ROAE9.4%11.2%10.9%Tailwinds f

2、rom multiple developments inAirport businessAdani Airports(AAHL,sub of ADE)has seen key milestones recently.AERAapproved a new tariff order for MIAL and an interim tariff for NMIAL,whichwill aid Rev/profit visibility.In a legal win,TDSAT ruled in MIALs favor,which could imply higher tariff if final

3、ruling is also favourable.MIAL securedUSD1bn financing,among other fundraises at group level.Soon,Co willcommission the NMIAL Airport,embarking on next phase of Mumbaisdualairport model.Recent TDSAT Ruling could imply higher tariffs at AAHLs Mumbai Intl Airport(MIAL):TDSAT recently quashed AERAs ear

4、lier HRAB calculation for MIAL(like for DIAL)Airport,further directing a fresh computation.HRAB,a notional asset base,was key to setting aerotariffs in Control Period(CP)-1,and TDSAT has held AERAs method as incorrect to calculateHRAB.TDSAT has asked AERA to finalize the issue and implications withi

5、n next 6 weeks.If thefinal ruling favours MIAL,the revised HRAB could significantly raise allowable tariff recoverydue to past under-recoveries.Evolving Regulatory Regime for Airport Privatisation:Adani Group via ADE entered the AirportBusiness in 2019/20 when it qualified as highest bidder for 6 br

6、ownfield airports.Later in 2021,ADE via AAHL(the airport sub)acquired MIAL Airport from GVK Airport consortium(who wasawarded MIAL in 2006).The regulatory regime in India for airport privatization was significantlydifferent in 2020,when ADE was awarded 6 airports,vs 2006,when GVK was awarded the MIA

友情提示

1、下载报告失败解决办法
2、PDF文件下载后,可能会被浏览器默认打开,此种情况可以点击浏览器菜单,保存网页到桌面,就可以正常下载了。
3、本站不支持迅雷下载,请使用电脑自带的IE浏览器,或者360浏览器、谷歌浏览器下载即可。
4、本站报告下载后的文档和图纸-无水印,预览文档经过压缩,下载后原文更清晰。

本文(杰富瑞Jefferies:阿达尼企业Adani Enterprises(AML.IN)-印度股市公司深度报告:机场业务获监管与融资突破;孟买双机场模式启动-250722(英文版)(24页).pdf)为本站 (白日梦派对) 主动上传,三个皮匠报告文库仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对上载内容本身不做任何修改或编辑。 若此文所含内容侵犯了您的版权或隐私,请立即通知三个皮匠报告文库(点击联系客服),我们立即给予删除!

温馨提示:如果因为网速或其他原因下载失败请重新下载,重复下载不扣分。
客服
商务合作
小程序
服务号
折叠