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Reliance Securities Report
The drop in the global oil price is structurally positive for Petronet LNG as all its long-term LNG contracts are oil-linked. So, a lower oil price scenario brings down its energy cost as well as reduces the premium of long-term contracts over the spot prices.
We downwardly revise our Ebitda estimate by 21%/4% and profit after tax estimate by 31% /14% for FY21E and FY22E to factor the impact of Covid-19 in FY21 and a conservative scenario for FY22. We believe PLNG offers an attractive combination of strong earnings visibility over the next 2 to 3 years, attractive valuation at 15.6 times of FY23E earning per share and strong cash rich balance sheet.
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