India's GMR Airports up on buying stake in Delhi airport
10/09/2024 05:06
** Shares of GMR Airports Infrastructure GMRI.NS rise as
much as 2.6%, last up 1.7% to 92.43 rupees
** Co bought 10% stake in Delhi airport for $126 mln from
Fraport FRAG.DE ; GMRI will have 74% stake after the deal
completes
** Jefferies says deal is attractively priced; says it
values Delhi airport at equity value of 17X the brokerage's FY25
EBITDA estimates and 7X its FY26 EBITDA estimates
** Rates GMRI "buy" with PT 106 rupees; two other brokerages
rate the stock "sell" and "strong sell" and avg PT, including
Jefferies, is 86.67 rupees - LSEG data
** Stock up 14.7% YTD
(Reporting by Varun Vyas in Bengaluru)
((varunvyas.hebbalalu@thomsonreuters.com))