Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The independent financial analyst theScreener just slightly lowered the general evaluation of GATEWAY DISTRIPARKS (IN), active in the Transportation Services industry. The title has lost a star(s) at the fundamental level and now shows 3 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date Ma...
Event Gateway Distriparks Ltd. (GDPL) has entered into a share purchase agreement to sell its 40.25% stake in Snowman Logistics Ltd. (SLL) to Adani Logistics Ltd. The sale is expected to be completed by 31st March, 2020 Details Adani Logistics has valued SLL at ~12x FY21E EV/EBITDA or Rs44/share (12% premium to last 60day volume weighted avg price). Adani Logistics plans on acquiring 66% stake for a total consideration of Rs5bn –Rs2.96bn towards 40.25% GDPL’s stake and Rs2.04bn towar...
Q3FY20 result highlights Cons. Adj. PAT declined 65% yoy to Rs56m: Revenues +190% yoy to Rs3bn on full consolidation of rail. OPM +141bps yoy to 20.2% (est 21%) driven by expansion in rail OPM and IndAS 116 changes. Hence, EBITDA grew by 212% yoy to Rs605mn (est Rs672mn). However, higher interest charges (debt related to rail stake acquisition) and loss in Snowman (Rs34mn; Rs14mn loss GDPL share) impacted profits. Rail performance improves: as volumes +8% yoy led by increase in capacity and ...
(GDPL IN, Mkt Cap USD0.2b, CMP INR133, TP INR160, 21% Upside, Buy) ** Gateway Distriparks (GDL) sold its entire stake in Chandra CFS in Chennai and Snowman Logistics in Dec'19. The company used the proceeds to redeem debentures of INR500m along with interest in Jan'20, and now plans to focus on the core business. ** We raise our FY21/22 EPS estimate by 12%/6%, and maintain our Buy rating. Commissioning of DFCC will be a key trigger for the company CFS profitability impacted by lower volumes, ...
Q1FY20 result highlights Cons. Adj. PAT increased 92% yoy to Rs590m: on higher than estimated SEIS income of Rs548mn and lower tax rate. Revenues +205% yoy to Rs3.14bn on 100% consolidation of rail. OPM down by -30bps yoy to 21% (est 17.9%) driven by decline in CFS, albeit margins stable over the past 3-4 quarters. EBITDA grew by 200% yoy to Rs660mn (est Rs544mn) Rail performance improves marginally: as volumes +2% yoy on higher imports and realisations +5% yoy (price hikes) resulting in Rs2...
Q4FY19 result highlights Cons. Adj. PAT fell 5.4% yoy to Rs303m: on higher tax rate. Reported PAT is at Rs3bn on profit on buyout of rail stake from Blackstone. Imbalance impacts rail performance: Volumes fell 2% yoy on lower exports. However, higher realisations (+8% yoy; price hikes) resulted in Rs2bn revenues (+5% yoy). Margins fell 307bps yoy to 16% due to higher empty running and lower double stacking driving 12% yoy drop in EBITDA to Rs316mn. However, SEIS income (Rs350mn net) restrict...
Event Gateway Distriparks (GDL) has completed the acquisition of Blackstone’s stake (49%) in GRFL at a valuation of Rs8.1bn, making it a 99.93% subsidiary. Details Blackstone had invested Rs3bn in GRFL via a CCPS in 2010. Subsequently, in May-18, GDL signed an agreement to buyout Blackstone’s 49% stake at Rs8.1bn. GDL had acquired ~11% stake in GRFL in Sept-18 led by a payout of Rs3bn. However, the delay in closure of deal to 31st Mar-19, attracted an interest penalty of 15% or Rs400m, tak...
Q3FY19 result highlights PAT fell 14.8% yoy to Rs162m: on weak CFS performance. Steady rail performance: Volumes fell 3% yoy on sustained rail congestion connecting the NCR-Mundra/Pipavav ports. However, this was offset by higher realisations (+2% yoy) resulting in Rs1.92bn revenues. Margins +40bps yoy to 18.4% on back of Viramgaon benefits (Rs100mn YTD) and contained empty running resulting in 1% yoy in EBITDA to Rs352mn. However, lower other income (dividend payment for stake buyout) resul...
Highlights of our meeting with Gateway Distriparks (GDL) management: Railway congestion to impact volumes in 3QFY19: Congestion on the Rewari-Palanpur line due to ongoing railway maintenance could lead to weak volume momentum in 3QFY19. Moreover, muted demand in Nov 2018 too could impact volumes during the quarter (Indian Railways data reflects the same). Management expects completion in rail work by 4QFY19, post which, volumes should normalise. Moreover, management is closely monitoring road f...
Q2FY19 result highlights PAT fell 5% yoy to Rs174m: on weak CFS performance. Steady rail performance: with flattish volumes, realisations and margins on high base (Rs2bn revenues, Rs372mn EBITDA). On qoq basis, performance improved due to price hikes to offset empty running charges and haulage savings on Viramgaon terminal (double stack benefits). PAT +6% yoy at Rs197mn on lower interest cost (lower debt). CFS pain sustains (-32% yoy to Rs70m): While volume uptick was strong at 14% yoy, re...
Q1FY19 result highlights PAT +131% yoy to Rs307m: on pick up in CFS and rail volumes (low base) as well as recognition of Rs300mn of SEIS income (export incentive) in rail business. Continued momentum in exim, price hikes drives rail performance: Vol +18% yoy on a low base and continued momentum in exim. Revenues grew 20% yoy to Rs2bn as realisations grew 1% yoy on low base and price hikes on import volumes (Rs1000/TEU in May-18; full impact in 2Q19). EBITDA +39% yoy to Rs351mn (OPM +245bps ...
Event Gateway Distriparks (GDL) board has approved acquisition of 49% stake held by Blackstone in Gateway Rail Freight Limited (GRFL, rail business) for a total consideration of Rs8.1bn. This will increase GDL’s stake in GRFL to 99.8% (balance with employees). The acquisition is to be completed within 90 days, subject to statutory and regulatory approvals. Details Blackstone had invested Rs3bn in GRFL for a 49% stake in 2010, in form of CCPS. The Blackstone deal values GRFL at Rs16.5bn (10...
Q4FY18 result highlights PAT +77% yoy to Rs189m: on lower tax rate and recognition of Rs295mn of SEIS income (export incentive) in rail business. Continued evacuation issues impacts rail volumes: +2% yoy despite pick up in trade on continued impact of slower evacuation by railways due to line upgradation. Revenues fell 11% yoy to Rs1.9bn as realisations fell 13% yoy on high base. EBITDA +10% yoy to Rs349mn due to haulage savings on Viramgam terminal (double stack benefits). PAT +3.8x yoy at ...
Gateway Distriparks: In-line results; CFS reports healthy volume growth (gdpl IN, Mkt Cap USD0.3b, CMP INR166, TP INR199, 20% Upside, Buy) GDPL reported EBITDA (Rail + CFS) of INR545m (est. of INR575m; +4% YoY, -4% QoQ) in 4QFY18. PAT (after minority interest) came in at INR194m (est. of INR204m; +1% YoY, +2% QoQ). Reported PAT is higher at INR327m due to INR322.5m of SIES income booked in 4QFY18 as part of rail income. Rail margin continues to be under pressure Rail reported adj.EBITD...
Q3FY18 result highlights PAT fell 4% yoy to Rs189m: on sustained weakness in CFS business (albeit stable qoq) and lower other income (across segments on lower yields). Snowman saw a turnaround on improved utilisations & rentals of its warehouses, with scale down of transportation business. Higher empty runs & discounts impact rail: Volumes +8% yoy on pick up in trade, albeit lower on qoq basis due to slower evacuation by railways. Realizations fell 4% yoy on higher discounts, resulting in re...
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