Gujarat Gas - The Green Wave Upgrading The Multiple: Motilal Oswal
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Motilal Oswal Report
Gujarat Gas Ltd. has proved to be a clear outperformer since the curbing of polluting fuels at Morbi – an impetus by the government toward the adoption of greener fuel.
Since our upgrade in December 2019, the stock is up 116% - it has outperformed the Nifty by approximately 95% - despite which the stock trades at 21 times FY23E earnings per share currently.
Interestingly, we have upgraded our EPS every quarter since then (from Rs 12.3 to Rs 19.9 for FY22E) on the back of better-than-expected volume growth.
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