Investor Presentaiton
adani
Conclusion: Investment case
Ports and
Logistics
At an Implied EV of NIS 1.82 Bn and an EV/EBITDA multiple of 7.5x, the deal is value accretive for APSEZ's
investors from day one
Annual average RoE for APSEZ is ~90% in INR terms for the initial 10 years in our base case scenario
With equity investments (INR 16 Bn) likely to be recovered in the initial 4 years, the deal offers significant
value accretion opportunity for APSEZ shareholders given the concession period of 32 years
Real Estate portfolio sale estimated to yield INR 50 Bn to APSEZ in 2028 (~3x the equity invested)
The loan taken for financing the deal can be repaid with cashflows from 6 years of operations (based on
2032 run-rate)
This deal will further strengthen APSEZ's Technical Qualification for other global tenders and is a key step in
our ambition to become the largest port operator globally by 2030
This deal marks APSEZ's entry into a developed market in the busy Suez Canal and will help APSEZ to
expand its footprint in Europe
Partnership with Gadot is another plus given their presence in northwest Europe (Germany, Belgium and
Netherlands)
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