Buy India Grid Trust; target of Rs 105: Axis Direct
Axis Direct’s research report on India Grid Trust
We Initiate coverage on India Grid Trust (IndiGrid), India’s first power transmission sector InvIT, with BUY rating, as it offers potential returns of 15% CAGR over FY18-20.
IndiGrid has Right Of First Offer (ROFO) to acquire other assets from the sponsor. ROFO assets has potential EBITDA of ~Rs 20 bn as against current EBITDA of ~Rs 6 bn (inclusive of recent M&A). IndiGrid is also looking at potential acquisition of third party transmission assets.
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