ET<\/a> Intelligence Group: Tata Communications<\/a>’ decision to demerge its land bank into a separate listed company will unlock value for shareholders. Though the stock of the global data services provider did not react much on Thursday given the longer duration of around nine months to implement the plan, the development is likely to restrict the downside for the stock in the near term.
\n
\nTata Communications plans to demerge 740 acre of land spread across Delhi, Pune, Chennai and Kolkata into a separate listed company Hemisphere Properties India limited (HPIL). Analysts have assigned a value of Rs 6,000-9,400 crore or Rs 176-300 per share to the land parcel. According to the proposed structure, the existing shareholders will get one share of HPIL for every share of Tata Communications.
\n
\n\"\"
After the demerger, HPIL may function as a separate
real estate<\/a> company thereby improving its valuation compared with what analysts have ascribed. This also means Tata Communications will be able to focus on the core business which has been impacted due to consolidation in the telecom industry<\/a> over the past few quarters.
\n
\nIn the first half of the current fiscal, the data services provider made a loss of Rs 215 crore against a profit of Rs 83 crore last year. However, analysts believe that the structural story is intact and the performance may improve in the second half of the fiscal.
\n
At the end of September 2017, its net debt was Rs 7,200 crore, 11 times the equity and 3.7 times the annualised operating profit before depreciation (EBITDA). To strengthen the
balance sheet<\/a>, the fresh capital infusion cannot be ruled out. At the current price of Rs 701.5, the company’s enterprise value is 6.5 times FY19 expected EBIDTA<\/a>, at 50% discount to its global peers. \n<\/body>","next_sibling":[{"msid":62077816,"title":"Hike adds voting, bill split, event reminder in its chat app","entity_type":"ARTICLE","link":"\/news\/hike-adds-voting-bill-split-event-reminder-in-its-chat-app\/62077816","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":62077843,"entity_type":"ARTICLE","title":"Tata Communications land demerger to unlock value, prop up stock","synopsis":"Tata Communications plans to demerge 740 acres of land spread into Hemisphere Properties.","titleseo":"telecomnews\/tata-communications-land-demerger-to-unlock-value-prop-up-stock","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-12-15 08:47:48","lastupd":"2017-12-15 08:48:57","breadcrumbTags":["Tata Communications","Balance Sheet","EBIDTA","industry","real estate","ET"],"secinfo":{"seolocation":"telecomnews\/tata-communications-land-demerger-to-unlock-value-prop-up-stock"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2017-12-15" data-index="article_1">

塔塔通信土地分释放价值,支撑股市

塔塔通信计划出售740英亩的土地蔓延至半球属性。

  • 更新2017年12月15日08:48点坚持
情报组:塔塔通信的决定,出售其土地银行到一个单独的上市公司将解锁对股东价值。虽然全局数据服务提供者的股票周四并未反应约九个月的长期实施计划,发展有可能限制在短期内股票的缺点。

塔塔通信计划出售740英亩的土地遍布德里,浦那、钦奈和加尔各答印度半球属性到一个单独的上市公司(HPIL)有限。分析师分配一个6000 - 9400卢比的价值或Rs每股176 - 300地块。根据拟议的结构,现有股东将获得一股HPIL每份额的塔塔通信。


分拆后,HPIL可能作为一个单独的函数房地产从而提高公司估值与分析人士认为。这也意味着塔塔通信能够专注于核心业务,由于电信整合的影响行业在过去的几个季度。

上半年,当前财政、数据服务提供者亏损215卢比对去年获利83卢比。然而,分析师认为,故事结构完整和性能可以提高下半年的财政。

在2017年9月底,其净债务是7200卢比,11次股权和3.7倍折旧前年度营业利润(EBITDA)。加强资产负债表不能排除,新资本注入。在Rs 701.5的当前价格,公司的企业价值是6.5倍FY19预期的营业在其全球同行的50%的折扣。
  • 发布于2017年12月15日08:47点坚持

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ET<\/a> Intelligence Group: Tata Communications<\/a>’ decision to demerge its land bank into a separate listed company will unlock value for shareholders. Though the stock of the global data services provider did not react much on Thursday given the longer duration of around nine months to implement the plan, the development is likely to restrict the downside for the stock in the near term.
\n
\nTata Communications plans to demerge 740 acre of land spread across Delhi, Pune, Chennai and Kolkata into a separate listed company Hemisphere Properties India limited (HPIL). Analysts have assigned a value of Rs 6,000-9,400 crore or Rs 176-300 per share to the land parcel. According to the proposed structure, the existing shareholders will get one share of HPIL for every share of Tata Communications.
\n
\n\"\"
After the demerger, HPIL may function as a separate
real estate<\/a> company thereby improving its valuation compared with what analysts have ascribed. This also means Tata Communications will be able to focus on the core business which has been impacted due to consolidation in the telecom industry<\/a> over the past few quarters.
\n
\nIn the first half of the current fiscal, the data services provider made a loss of Rs 215 crore against a profit of Rs 83 crore last year. However, analysts believe that the structural story is intact and the performance may improve in the second half of the fiscal.
\n
At the end of September 2017, its net debt was Rs 7,200 crore, 11 times the equity and 3.7 times the annualised operating profit before depreciation (EBITDA). To strengthen the
balance sheet<\/a>, the fresh capital infusion cannot be ruled out. At the current price of Rs 701.5, the company’s enterprise value is 6.5 times FY19 expected EBIDTA<\/a>, at 50% discount to its global peers. \n<\/body>","next_sibling":[{"msid":62077816,"title":"Hike adds voting, bill split, event reminder in its chat app","entity_type":"ARTICLE","link":"\/news\/hike-adds-voting-bill-split-event-reminder-in-its-chat-app\/62077816","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":62077843,"entity_type":"ARTICLE","title":"Tata Communications land demerger to unlock value, prop up stock","synopsis":"Tata Communications plans to demerge 740 acres of land spread into Hemisphere Properties.","titleseo":"telecomnews\/tata-communications-land-demerger-to-unlock-value-prop-up-stock","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-12-15 08:47:48","lastupd":"2017-12-15 08:48:57","breadcrumbTags":["Tata Communications","Balance Sheet","EBIDTA","industry","real estate","ET"],"secinfo":{"seolocation":"telecomnews\/tata-communications-land-demerger-to-unlock-value-prop-up-stock"}}" data-news_link="//www.iser-br.com/news/tata-communications-land-demerger-to-unlock-value-prop-up-stock/62077843">