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<\/span><\/figcaption><\/figure> Mumbai: Shares of GAIL<\/a>, currently trading at a 38 per cent discount to its long-term price-to-earnings average, could give a good return in 2020 if it gets relief from Rs 1.7 lakh crore of payment related to adjusted gross revenue (AGR<\/a>) demanded by the department of telecommunications (DoT<\/a>), analysts said.

The state-run natural gas marketer would be the biggest beneficiary of the increasing domestic gas and LNG production<\/a> in the country, they said. But the stock<\/a> has declined 17 per cent in the past one year, mainly due to concerns over possible restructuring of business segments, lower-than-expected results and the recent AGR-related demand.

DoT has raised the demand after the Supreme Court expanded the definition of AGR, based on which telecom licence holders need to pay their licence fee to the government. The AGR now includes revenue from businesses unrelated to telecom as well, and that is a concern for non-telecom companies such as GAIL and Power Grid<\/a> Corp that hold the licences.

“The current weakness in the GAIL stock seems to be a reaction to DoT-AGR issues and we believe the AGR demand is not tenable,” Emkay Global analyst Sabri Hazarika said. “The stock trades at an attractive valuation and we reiterate our ‘buy’ rating with a target price of Rs 160.”
\n \n \n
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<\/span><\/figcaption><\/figure>\n\n\n\n\n\n\n\n
At current market price — it closed at Rs 125.7 on the BSE Friday — the stock trades at six times its FY21estimated Ebitda, which is at a 19 per cent discount to the five-year average of 7.4x. On price-to-earnings terms, it is currently trading at a one-year forward PE of 8.7 times, which is a 38 per cent discount to its 10-year long-term average of 14x. The company has maintained a strong dividend payout of 35 per cent in FY19, yielding 3.2 per cent per share.

“We believe that GAIL would be a key beneficiary of the increasing domestic gas and LNG production in the country,” said Siddhartha Khemka, the head of research at Motilal Oswal Financial Services. “Tightening norms on industrial pollution should also help the transmission segment in the longer run.”

“Failure to seek relief from payment related to AGR demanded by DoT can adversely impact financials,” he added.

Analysts expect an Ebidta CAGR of 14 per cent over FY2020-22, with FY22 EV\/Ebitda of 5.4x. The transmission segment should remain a major contributor to Ebidta, with volumes growing to 135 million standard cubic meters per day in FY2022.
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“十万卢比1.7卢比AGR救济可以帮助提高盖尔股票今年的

点提出了需求后,最高法院扩大AGR的定义。

Rajesh Mascarenhas
  • 更新2020年1月6日,37点坚持
孟买:股票盖尔,目前在其长期平均市盈率的38%的折扣,可以给一个好的回报在2020年如果它还能减轻1.7十万的卢比支付相关调整后的总收益(AGR电信部门(要求的)点),分析师表示。

国营天然气营销人员将增加国内天然气的最大受益者液化天然气生产在这个国家,他们说。但是,股票在过去一年下降了17%,主要是由于担心可能的重组业务部门,低于预期的结果和最近AGR-related需求。

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点提出了需求后,最高法院扩大AGR的定义,基于电信执照持有人需要向政府缴纳许可费。AGR现在包括企业收入与电信无关,这是一个关心non-telecom公司如盖尔和电网集团持有牌照。

“目前疲弱的盖尔DoT-AGR股票似乎反应问题,我们相信AGR需求是站不住脚的,”假如全球分析师萨布哈札里卡说。“股票交易在一个有吸引力的估值,我们重申“买入”评级,目标价160卢比。”

以目前的市场价格,它对疯牛病周五收报125.7 Rs -股票市盈率FY21estimated Ebitda的六倍,这是19%折扣5年平均水平的7.4倍。在市盈率计算,目前交易一年远期PE的8.7倍,这是一个38%的折扣的10年期长期平均14 x。公司已在FY19保持强烈的派息35%,每股收益率报3.2%。

“我们相信盖尔将增加国内天然气和液化天然气生产的主要受益者,“悉达多Khemka说的研究主管Motilal Oswal金融服务。“收紧规范工业污染也应该帮助传输段从长远来看。”

“失败寻求救援付款相关的AGR所要求的点可能会影响金融,”他补充道。

分析师预计在FY2020-22营业CAGR为14%,与FY22 EV / Ebitda的5.4倍。传动部分应保持营业的主要贡献者,销量增长在FY2022 1.35亿标准立方米/天。
  • 发表在2020年1月6日在34是坚持
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  • “十万卢比1.7卢比AGR救济可以帮助提高盖尔股票今年的
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<\/span><\/figcaption><\/figure> Mumbai: Shares of GAIL<\/a>, currently trading at a 38 per cent discount to its long-term price-to-earnings average, could give a good return in 2020 if it gets relief from Rs 1.7 lakh crore of payment related to adjusted gross revenue (AGR<\/a>) demanded by the department of telecommunications (DoT<\/a>), analysts said.

The state-run natural gas marketer would be the biggest beneficiary of the increasing domestic gas and LNG production<\/a> in the country, they said. But the stock<\/a> has declined 17 per cent in the past one year, mainly due to concerns over possible restructuring of business segments, lower-than-expected results and the recent AGR-related demand.

DoT has raised the demand after the Supreme Court expanded the definition of AGR, based on which telecom licence holders need to pay their licence fee to the government. The AGR now includes revenue from businesses unrelated to telecom as well, and that is a concern for non-telecom companies such as GAIL and Power Grid<\/a> Corp that hold the licences.

“The current weakness in the GAIL stock seems to be a reaction to DoT-AGR issues and we believe the AGR demand is not tenable,” Emkay Global analyst Sabri Hazarika said. “The stock trades at an attractive valuation and we reiterate our ‘buy’ rating with a target price of Rs 160.”
\n \n \n
\"\"
<\/span><\/figcaption><\/figure>\n\n\n\n\n\n\n\n
At current market price — it closed at Rs 125.7 on the BSE Friday — the stock trades at six times its FY21estimated Ebitda, which is at a 19 per cent discount to the five-year average of 7.4x. On price-to-earnings terms, it is currently trading at a one-year forward PE of 8.7 times, which is a 38 per cent discount to its 10-year long-term average of 14x. The company has maintained a strong dividend payout of 35 per cent in FY19, yielding 3.2 per cent per share.

“We believe that GAIL would be a key beneficiary of the increasing domestic gas and LNG production in the country,” said Siddhartha Khemka, the head of research at Motilal Oswal Financial Services. “Tightening norms on industrial pollution should also help the transmission segment in the longer run.”

“Failure to seek relief from payment related to AGR demanded by DoT can adversely impact financials,” he added.

Analysts expect an Ebidta CAGR of 14 per cent over FY2020-22, with FY22 EV\/Ebitda of 5.4x. The transmission segment should remain a major contributor to Ebidta, with volumes growing to 135 million standard cubic meters per day in FY2022.
<\/body>","next_sibling":[{"msid":73115381,"title":"R'sthan Cellular Association says mobile retail market badly hit by online cos","entity_type":"ARTICLE","link":"\/news\/rsthan-cellular-association-says-mobile-retail-market-badly-hit-by-online-cos\/73115381","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"73115143","title":"GettyImages-876835370","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/rs-1-7-lakh-crore-agr-relief-could-help-boost-gail-stock-this-year\/gettyimages-876835370","category_name":"\u2018Rs 1.7 lakh crore AGR relief could help boost GAIL stock this year\u2019","synopsis":"Analysts expect an Ebidta CAGR of 14 per cent over FY2020-22, with FY22 EV\/Ebitda of 5.4x.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-80729\/73115143.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/rs-1-7-lakh-crore-agr-relief-could-help-boost-gail-stock-this-year\/gettyimages-876835370\/73115143"}],"msid":73116741,"entity_type":"ARTICLE","title":"\u2018Rs 1.7 lakh crore AGR relief could help boost GAIL stock this year\u2019","synopsis":"DoT has raised the demand after the Supreme Court expanded the definition of AGR.","titleseo":"telecomnews\/rs-1-7-lakh-crore-agr-relief-could-help-boost-gail-stock-this-year","status":"ACTIVE","authors":[{"author_name":"Rajesh Mascarenhas","author_link":"\/author\/15535\/rajesh-mascarenhas","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/15535.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":15535,"author_name":"Rajesh Mascarenhas","author_seo_name":"rajesh-mascarenhas","designation":"Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2020-01-06 10:34:47","lastupd":"2020-01-06 10:37:43","breadcrumbTags":["gail","DoT","Industry","power grid","stock","AGR","LNG production"],"secinfo":{"seolocation":"telecomnews\/rs-1-7-lakh-crore-agr-relief-could-help-boost-gail-stock-this-year"}}" data-news_link="//www.iser-br.com/news/rs-1-7-lakh-crore-agr-relief-could-help-boost-gail-stock-this-year/73116741">