Mumbai: Reliance Industries<\/a> will strengthen its balance sheet in fiscal 2020, as it will take steps towards unlocking value in its telecom unit Jio Infocomm. 孟买:信实工业公司在2020财年将加强其资产负债表,它将采取措施对释放价值的电信单位Jio Infocomm。
“There are few triggers, which are working in favour of Reliance. I think FY20 would be a year where Reliance would strengthen its balance sheet and the first step towards strengthening balance sheet is the unlocking value in Jio,” Sudeep Anand, head of institutional research at IDBI Capital Markets told ET NOW<\/a>.
RIL<\/a> is in the process of demerging fibre assets into a separate company, which could then be monetised via a sale and leaseback or infrastructure investment trust (InvIT) structure. However, it is keen to continue as the sponsor of the InvIT and even retain a minimum 15% stake in it.
In that case, the remaining 85% will be sold to five global investors. Potential investors are said to include Canada Pension Plan Investment Board (CPPIB), Caisse de Dépôt et Placement du Québec (CDPQ), Abu Dhabi Investment Authority<\/a>, Qatar Investment Authority<\/a>, Kuwait Investment Authority<\/a>, Kingdom Holdings, Khazanah, Allianz<\/a> and Macquarie among others. The valuation of the fibre assets is expected to be $6-8 billion.
“So they are trying to demerge fibre and tower business where most of the debt and most of the enterprise value (EV) is there. So once it gets out of the Reliance book, the Reliance return ratio will improve significantly,” Anand said, adding he is giving a valuation of roughly about Rs 2,20,000 crore for its Jio business, but there could be a significant upside if everything goes right.
Anand pointed that Jio is having about Rs 2,74,000 crore of total investment, of which around Rs 96,000 crore is debt. The overall debt of the company should be around Rs 1,50,000-1,80,000 crore.
“So most of the debt is in these two segment. Once these two segments goes out, Reliance balance sheet will look pretty healthy,” added Anand.
While RIL is likely to opt for InvIT model, Indian companies have not seen much success with the instrument.
“..in the past we have not seen a very successful InvIT model in India but it is Reliance so let us see how it does but I am quite hopeful that whatever they will do I think it should be having a positive impact on the valuation,” said Anand.
After third-quarter results, IDBI Capital Markets upgraded the stock from hold to buy with a target price of Rs 1,326.
“We are quite hopeful that Reliance is in structurally bull cycle and I think the stock should do really well over the medium to long term,” said Anand.
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“很少有诱因,工作支持的依赖。我认为FY20将一年的依赖会加强其资产负债表,第一步加强资产负债表Jio释放价值,“Sudeep Anand, IDBI资本市场的机构研究主管告知等现在。
瑞来斯使分解纤维过程中资产转移到一个单独的公司,这可以通过售后回租货币化或基础设施投资信托(InvIT)结构。然而,它渴望继续的赞助商InvIT甚至保留至少15%的股份。
“所以他们试图出售纤维和塔业务的债务和大部分的企业价值(EV)。所以一旦依赖书,依赖返回的比率将会显著提高,”阿南德说,他给的估价大约Rs 2, 20000卢比Jio业务,但可能是一个重大的上行如果一切顺利的话。
Anand指出Jio有着Rs 2,总投资74000卢比,大约96000卢比的债务。公司的总体债务应在1 Rs 50000 - 80000卢比。
“所以大部分的债务是在这两个部分。一旦这些两段出去了,依赖资产负债表看起来很健康,”阿南德说。
虽然瑞来斯可能会选择InvIT模型,印度公司还没有看到成功的工具。
“. .过去,我们还没有看到一个非常成功的InvIT模型在印度但依赖所以让我们来看看它是如何但是我很希望,无论他们将做我认为它应该有一个积极的对估值的影响,”阿南德说。
第三季度业绩后,IDBI资本市场升级持有的股票购买的目标价格1326卢比。
“我们非常希望依赖在结构性牛市周期和我认为股票应该做中长期的很好,”阿南德说。
Mumbai: Reliance Industries<\/a> will strengthen its balance sheet in fiscal 2020, as it will take steps towards unlocking value in its telecom unit Jio Infocomm.
“There are few triggers, which are working in favour of Reliance. I think FY20 would be a year where Reliance would strengthen its balance sheet and the first step towards strengthening balance sheet is the unlocking value in Jio,” Sudeep Anand, head of institutional research at IDBI Capital Markets told ET NOW<\/a>.
RIL<\/a> is in the process of demerging fibre assets into a separate company, which could then be monetised via a sale and leaseback or infrastructure investment trust (InvIT) structure. However, it is keen to continue as the sponsor of the InvIT and even retain a minimum 15% stake in it.
In that case, the remaining 85% will be sold to five global investors. Potential investors are said to include Canada Pension Plan Investment Board (CPPIB), Caisse de Dépôt et Placement du Québec (CDPQ), Abu Dhabi Investment Authority<\/a>, Qatar Investment Authority<\/a>, Kuwait Investment Authority<\/a>, Kingdom Holdings, Khazanah, Allianz<\/a> and Macquarie among others. The valuation of the fibre assets is expected to be $6-8 billion.
“So they are trying to demerge fibre and tower business where most of the debt and most of the enterprise value (EV) is there. So once it gets out of the Reliance book, the Reliance return ratio will improve significantly,” Anand said, adding he is giving a valuation of roughly about Rs 2,20,000 crore for its Jio business, but there could be a significant upside if everything goes right.
Anand pointed that Jio is having about Rs 2,74,000 crore of total investment, of which around Rs 96,000 crore is debt. The overall debt of the company should be around Rs 1,50,000-1,80,000 crore.
“So most of the debt is in these two segment. Once these two segments goes out, Reliance balance sheet will look pretty healthy,” added Anand.
While RIL is likely to opt for InvIT model, Indian companies have not seen much success with the instrument.
“..in the past we have not seen a very successful InvIT model in India but it is Reliance so let us see how it does but I am quite hopeful that whatever they will do I think it should be having a positive impact on the valuation,” said Anand.
After third-quarter results, IDBI Capital Markets upgraded the stock from hold to buy with a target price of Rs 1,326.
“We are quite hopeful that Reliance is in structurally bull cycle and I think the stock should do really well over the medium to long term,” said Anand.
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