MUMBAI: Sanford C Bernstein maintained its outperform rating on Reliance Industries (RIL) and raised its target price to Rs 2,470, implying 11 per cent upside from current levels, on hopes that the energy-to-telecom giant may unlock value in its Jio and retail businesses through initial public offers (IPOs). Bernstein分析师指出,依赖Jio继续强劲增长,获得更多的市场份额,和股权出售零售企业也积极。 孟买:Sanford C Bernstein维持其在信实工业(瑞来斯)增持评级,目标价上调2470卢比,这意味着从目前水平上升11%,5月希望energy-to-telecom巨头解锁价值在其Jio和零售企业通过首次公开提供(ipo)。
“We expect a break-up of the company in the next 3-4 years through IPO of the Jio and Retail business segments which should unlock additional shareholder value,” Bernstein analysts said in a note on Wednesday.
“Energy valuation is slightly higher on better margins and we increase our value for Jio to reflect increasing future ARPUs (average revenue per user) and EBITDA. We also increase EV\/EBITDA multiples for retail to 25x (from 17x) and have added in e-commerce INR242\/sh,” they added.
Following the sell down in Jio Platforms, Reliance's focus has shifted to retail with acquisition of Future Retail and investment by PEs\/strategic investors.
Earlier in the day, RIL said private equity player KKR will invest Rs 5,550 crore into Reliance Retail<\/a> Ventures (RRVL), for a 1.28 per cent stake. The investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. This marks the second investment by KKR in a subsidiary of Reliance Industries, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year.
With two deals in two weeks, RIL's retail venture has raised a total of Rs 13,050 crore so far.
Mukesh Ambani<\/a>'s back-to-back Jio deals earlier this year had taken the market by surprise. After Google's Rs 33,737 crore investment in July, Jio Platforms raised a combined Rs 1,52,056 crore by selling 32.97 per cent stake in mobile business. That put Reliance Jio<\/a>'s value at Rs 4,61,195 crore.
Bernstein analysts pointed out that Jio continues to grow strongly and gain share, and stake sale in the retail venture was also a positive.
After market hours on Tuesday, Jio rolled out postpaid tariff plans to woo high revenue customers who till now were on Bharti Airtel and Vodafone Idea (VIL)'s postpaid plan.
“We see potential of ARPUs increasing sharply (for Jio) and drive EBITDA margins to expand to 50 per cent by 2025. We expect Jio to reach 48 per cent subscriber share by 2025,” they added.
While and JioMart continues to scale up, Reliance Retail has gained more than 50 per cent market share with the acquisition of Future Retail. At 2:40 pm, shares of RIL traded 0.63 per cent higher at Rs 2,225 on the BSE. They have risen 156 per cent from their March lows, and are up 47 per cent for the year-to-date.
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伯恩斯坦认为依赖Jio、零售ipo悬而未决,ups目标瑞来斯2470卢比
“我们预计分拆公司在未来3 - 4年内通过IPO Jio和零售业务部门应该解锁额外的股东价值,”伯恩斯坦分析师周三在一份报告中称。
“能源估值更高更好的利润和我们增加我们对未来Jio反映增加价值arpu(每用户平均收入)和息税前利润。我们还增加零售EV / EBITDA倍数25 x(从17 x),增加了电子商务INR242 / sh,”他们补充说。
当天早些时候,瑞来斯表示,私人股本球员KKR将投资5550卢比信实零售企业(RRVL) 1.28%的股权。发起的投资价值依赖零售股票价值十万的4.21卢比。这标志着第二KKR的投资的子公司信实工业,11367卢比后Jio平台今年早些时候宣布的投资。
有两个交易在两周内,瑞来斯的零售风险提出了到目前为止共有13050卢比。
穆凯什•安巴尼今年早些时候的背靠背Jio交易市场感到意外。谷歌在7月33737卢比的投资后,Jio平台提出了一个结合Rs 52056卢比的通过出售移动业务32.97%的股份。把依赖Jio的价值在Rs 4 61195卢比。
伯恩斯坦分析师指出,Jio继续强劲增长,获得更多的市场份额,和股权出售零售企业也积极。
周二市场小时后,Jio推出邮资已付的关税计划吸引高收入顾客直到现在在Bharti Airtel和沃达丰的想法(维尔)的邮资已付的计划。
“我们看到潜在的arpu大幅增加(Jio)和驱动EBITDA利润率扩大到2025年的50%。我们期望Jio用户分享到2025年达到48%,”他们补充说。
,JioMart继续扩大,信实零售已经获得了超过50%的市场份额与未来的收购零售。下午2点,瑞来斯的股票交易在疯牛病Rs 2225高出0.63%。他们较3月份低点上涨了156%,今年迄今上涨了47%。
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MUMBAI: Sanford C Bernstein maintained its outperform rating on Reliance Industries (RIL) and raised its target price to Rs 2,470, implying 11 per cent upside from current levels, on hopes that the energy-to-telecom giant may unlock value in its Jio and retail businesses through initial public offers (IPOs).
“We expect a break-up of the company in the next 3-4 years through IPO of the Jio and Retail business segments which should unlock additional shareholder value,” Bernstein analysts said in a note on Wednesday.
“Energy valuation is slightly higher on better margins and we increase our value for Jio to reflect increasing future ARPUs (average revenue per user) and EBITDA. We also increase EV\/EBITDA multiples for retail to 25x (from 17x) and have added in e-commerce INR242\/sh,” they added.
Following the sell down in Jio Platforms, Reliance's focus has shifted to retail with acquisition of Future Retail and investment by PEs\/strategic investors.
Earlier in the day, RIL said private equity player KKR will invest Rs 5,550 crore into Reliance Retail<\/a> Ventures (RRVL), for a 1.28 per cent stake. The investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. This marks the second investment by KKR in a subsidiary of Reliance Industries, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year.
With two deals in two weeks, RIL's retail venture has raised a total of Rs 13,050 crore so far.
Mukesh Ambani<\/a>'s back-to-back Jio deals earlier this year had taken the market by surprise. After Google's Rs 33,737 crore investment in July, Jio Platforms raised a combined Rs 1,52,056 crore by selling 32.97 per cent stake in mobile business. That put Reliance Jio<\/a>'s value at Rs 4,61,195 crore.
Bernstein analysts pointed out that Jio continues to grow strongly and gain share, and stake sale in the retail venture was also a positive.
After market hours on Tuesday, Jio rolled out postpaid tariff plans to woo high revenue customers who till now were on Bharti Airtel and Vodafone Idea (VIL)'s postpaid plan.
“We see potential of ARPUs increasing sharply (for Jio) and drive EBITDA margins to expand to 50 per cent by 2025. We expect Jio to reach 48 per cent subscriber share by 2025,” they added.
While and JioMart continues to scale up, Reliance Retail has gained more than 50 per cent market share with the acquisition of Future Retail. At 2:40 pm, shares of RIL traded 0.63 per cent higher at Rs 2,225 on the BSE. They have risen 156 per cent from their March lows, and are up 47 per cent for the year-to-date.
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