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TORRENT POWER reduced its risk exposure resulting in an upgrade to Sli...
TORRENT POWER (IN), a company active in the Conventional Electricity industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date March 8, 2022, the closing pri...
MOSL: TORRENT POWER (Buy)-Low LNG prices keep UnoSugen up and running
Torrent Power: Low LNG prices keep UnoSugen up and running (TPW IN, Mkt Cap USD1.8b, CMP INR270, TP INR346, 28% Upside, Buy) We met Torrent Power (TPW) to get an update on the business outlook. Key takeaways: Plan to increase gas sourcing mix toward spot - TPW has not tied-up new gas supplies for its UnoSugen PPA (effective from 1st Jul’19). Instead, the company is (a) making use of gas tied up for Sugen (@USD6.5/mmbtu till Dec’20) and (b) buying from spot, as required. - ...
MOSL: TORRENT POWER (Buy)-UnoSugen, merchant sales drive growth
TORRENT POWER: UnoSugen, merchant sales drive growth (TPW IN, Mkt Cap USD2b, CMP INR291, TP INR357, 23% Upside, Buy) Torrent Power's (TPW) 2QFY20 EBITDA was up 7% YoY to INR10.6b, led by the UnoSugen PPA, short-term sales and the better performance at DFs. This was partly offset by the impact from the new CERC norms on Sugen. PBT was up 6% YoY to INR5.3b (our estimate: INR5.1b). PAT increased 83% YoY to INR7.5b on account of deferred tax credit. The current quarter contains one-offs pertain...
MOSL: TORRENT POWER (Buy)-Growth across segments barring Sugen
TORRENT POWER: Growth across segments barring Sugen (TPW IN, Mkt Cap USD2b, CMP INR296, TP INR351, 19% Upside, Buy) EBITDA increased 9% YoY to INR8.3b (our estimate: INR8.1b) in 1QFY20, led by (a) increased merchant power sales, (b) higher renewable generation and (c) investments in the distribution license business. However, the gains from these segments were partly offset by the impact from the new CERC regulations on Sugen. PAT was up 22% YoY to INR2.8b (our estimate: INR2.4b), led by a ...
MOSL: TORRENT POWER (Buy)-UnoSugen gets green signal, but with caveats
TORRENT POWER: UnoSugen gets green signal, but with caveats; Upgrade FY20/21 PAT by ~8/11%; Maintain Buy (TPW IN, Mkt Cap USD1.9b, CMP INR272, TP INR317, 17% Upside, Buy) GERC approves 278MW PPA for UnoSugen… The Gujarat Electricity Regulatory Commission (GERC) has approved the 278MW long-term PPA between Torrent Power’s (TPW) UnoSugen gas plant (total capacity: 383MW) and its Ahmedabad and Surat distribution circles. The PPA is for the remaining life of the plant of 19 years. The annual f...
MOSL: Torrent Power (Buy)-Operating parameters improve across segments
Torrent Power: Operating parameters improve across segments; Higher base though impacted reported performance (TPW IN, Mkt Cap USD1.6b, CMP INR239, TP INR300, 26% Upside, Buy) EBITDA grew 3% YoY to INR31.9b, while PAT was down 5% YoY to INR8.9b in FY19. The numbers are not comparable to the previous year, as the company used to follow cash-accounting for its regulated distribution business until FY18. Assuming similar accounting even in the previous year, TPW’s EBITDA would have increased b...
MOSL: TORRENT POWER (INITIATING COVERAGE)-On growth track, again! Init...
Torrent Power (initiating coverage): On growth track, again! Initiating coverage with a Buy rating (TPW IN, Mkt Cap USD1.8b, CMP INR263, TP INR315, 20% Upside, Buy) Torrent Power (TPL) is engaged in the distribution and generation of electricity. The company has installed generation capacity of 3.7GW and under-construction capacity of 0.8GW. TPL is the sole electricity distributor to the cities of Ahmedabad (incl. Gandhinagar), Surat, Bhiwandi and Agra, with a distribution reach of over 1,3...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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