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Adani Ports and Special Economic Zone

NSEI:ADANIPORTS
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ADANIPORTS
NSEI
₹810B
Market Cap
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Last updated 2019/04/23 12:51
Company description

Adani Ports and Special Economic Zone Limited, together with its subsidiaries, develops, operates, and maintains ports and related infrastructure facilities in India. The last earnings update was 76 days ago. More info.

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ADANIPORTS Share Price and Events
7 Day Returns
-1.2%
NSEI:ADANIPORTS
0.4%
IN Infrastructure
-1.2%
IN Market
1 Year Returns
-0.3%
NSEI:ADANIPORTS
-7.9%
IN Infrastructure
-2.5%
IN Market
ADANIPORTS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Adani Ports and Special Economic Zone (ADANIPORTS) -1.2% 8.4% 1.5% -0.3% 70.6% 104.1%
IN Infrastructure 0.4% 7% 0.6% -7.9% 33.1% 71%
IN Market -1.2% 1.4% 4.8% -2.5% 40% 69.9%
1 Year Return vs Industry and Market
  • ADANIPORTS outperformed the Infrastructure industry which returned -7.9% over the past year.
  • ADANIPORTS outperformed the Market in India which returned -2.5% over the past year.
Price Volatility
ADANIPORTS
Industry
5yr Volatility vs Market

Value

 Is Adani Ports and Special Economic Zone undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Adani Ports and Special Economic Zone to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Adani Ports and Special Economic Zone.

NSEI:ADANIPORTS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 21 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 17.2%
Perpetual Growth Rate 10-Year IN Government Bond Rate 7.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NSEI:ADANIPORTS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IN Govt Bond Rate 7.6%
Equity Risk Premium S&P Global 8.6%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.99
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.992 (1 + (1- 35%) (28.46%)) 		1.117
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (1.117 * 8.6%) 		17.16%

Discounted Cash Flow Calculation for NSEI:ADANIPORTS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Adani Ports and Special Economic Zone is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NSEI:ADANIPORTS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (INR, Millions) Source Present Value
Discounted (@ 17.16%)
2019 29,284.56 Analyst x9 24,995.67
2020 26,664.00 Analyst x11 19,425.73
2021 43,200.10 Analyst x10 26,863.52
2022 51,599.19 Est @ 19.44% 27,387.17
2023 59,790.35 Est @ 15.87% 27,087.03
2024 67,788.63 Est @ 13.38% 26,212.79
2025 75,671.81 Est @ 11.63% 24,975.64
2026 83,545.72 Est @ 10.41% 23,536.00
2027 91,523.28 Est @ 9.55% 22,007.27
2028 99,713.80 Est @ 8.95% 20,465.20
Present value of next 10 years cash flows ₹242,956.02
NSEI:ADANIPORTS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ₹99,713.80 × (1 + 7.55%) ÷ (17.16% – 7.55%) 		₹1,116,113.79
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ₹1,116,113.79 ÷ (1 + 17.16%)10 		₹229,070.48
NSEI:ADANIPORTS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ₹242,956.02 + ₹229,070.48 		₹472,026.49
Equity Value per Share
(INR)		 = Total value / Shares Outstanding
= ₹472,026.49 / 2,070.95 		₹227.93
NSEI:ADANIPORTS Discount to Share Price
Calculation Result
Value per share (INR) From above. ₹227.93
Current discount Discount to share price of ₹390.90
= -1 x (₹390.90 - ₹227.93) / ₹227.93 		-71.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Adani Ports and Special Economic Zone is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Adani Ports and Special Economic Zone's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Adani Ports and Special Economic Zone's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NSEI:ADANIPORTS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in INR ₹17.54
NSEI:ADANIPORTS Share Price ** NSEI (2019-04-23) in INR ₹390.9
India Infrastructure Industry PE Ratio Median Figure of 8 Publicly-Listed Infrastructure Companies 18.34x
India Market PE Ratio Median Figure of 2,738 Publicly-Listed Companies 16.18x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Adani Ports and Special Economic Zone.

NSEI:ADANIPORTS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NSEI:ADANIPORTS Share Price ÷ EPS (both in INR)

= 390.9 ÷ 17.54

 22.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Adani Ports and Special Economic Zone is overvalued based on earnings compared to the IN Infrastructure industry average.
  • Adani Ports and Special Economic Zone is overvalued based on earnings compared to the India market.
Price based on expected Growth
Does Adani Ports and Special Economic Zone's expected growth come at a high price?
Raw Data
NSEI:ADANIPORTS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts		 17.6%per year
Asia Infrastructure Industry PEG Ratio Median Figure of 18 Publicly-Listed Infrastructure Companies 1.29x
India Market PEG Ratio Median Figure of 585 Publicly-Listed Companies 1.32x

*Line of best fit is calculated by linear regression .

NSEI:ADANIPORTS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.29x ÷ 17.6%

 1.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Adani Ports and Special Economic Zone is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Adani Ports and Special Economic Zone's assets?
Raw Data
NSEI:ADANIPORTS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in INR ₹104.45
NSEI:ADANIPORTS Share Price * NSEI (2019-04-23) in INR ₹390.9
India Infrastructure Industry PB Ratio Median Figure of 12 Publicly-Listed Infrastructure Companies 0.64x
India Market PB Ratio Median Figure of 3,629 Publicly-Listed Companies 1.1x
NSEI:ADANIPORTS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NSEI:ADANIPORTS Share Price ÷ Book Value per Share (both in INR)

= 390.9 ÷ 104.45

 3.74x

* Primary Listing of Adani Ports and Special Economic Zone.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Adani Ports and Special Economic Zone is overvalued based on assets compared to the IN Infrastructure industry average.
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Value checks
We assess Adani Ports and Special Economic Zone's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
    5. Adani Ports and Special Economic Zone has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Adani Ports and Special Economic Zone expected to perform in the next 1 to 3 years based on estimates from 21 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
17.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Adani Ports and Special Economic Zone expected to grow at an attractive rate?
  • Adani Ports and Special Economic Zone's earnings growth is expected to exceed the low risk savings rate of 7.6%.
Growth vs Market Checks
  • Adani Ports and Special Economic Zone's earnings growth is positive but not above the India market average.
  • Adani Ports and Special Economic Zone's revenue growth is expected to exceed the India market average.
Annual Growth Rates Comparison
Raw Data
NSEI:ADANIPORTS Future Growth Rates Data Sources
Data Point Source Value (per year)
NSEI:ADANIPORTS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts 17.6%
NSEI:ADANIPORTS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 21 Analysts 12.2%
India Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 18.1%
India Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 12.2%
India Market Earnings Growth Rate Market Cap Weighted Average 18.3%
India Market Revenue Growth Rate Market Cap Weighted Average 11.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NSEI:ADANIPORTS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NSEI:ADANIPORTS Future Estimates Data
Date (Data in INR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 138,959 64,570 53,131 17
2020-03-31 122,805 58,394 45,981 21
2019-03-31 109,242 59,933 37,877 21
NSEI:ADANIPORTS Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2018-12-31 110,258 36,316
2018-09-30 108,908 32,171
2018-06-30 109,889 36,037
2018-03-31 113,230 56,081 36,736
2017-12-31 103,716 39,138
2017-09-30 98,914 37,672
2017-06-30 93,579 37,900
2017-03-31 84,394 40,626 39,115
2016-12-31 82,822 36,259
2016-09-30 77,424 24,856 34,725
2016-06-30 73,675 30,641
2016-03-31 71,087 23,805 28,972

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Adani Ports and Special Economic Zone's earnings are expected to grow by 17.6% yearly, however this is not considered high growth (20% yearly).
  • Adani Ports and Special Economic Zone's revenue is expected to grow by 12.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NSEI:ADANIPORTS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below

All data from Adani Ports and Special Economic Zone Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:ADANIPORTS Future Estimates Data
Date (Data in INR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 25.87 29.55 20.77 15.00
2020-03-31 22.20 25.53 18.60 19.00
2019-03-31 18.52 21.40 16.68 19.00
NSEI:ADANIPORTS Past Financials Data
Date (Data in INR Millions) EPS *
2018-12-31 17.54
2018-09-30 15.54
2018-06-30 17.41
2018-03-31 17.74
2017-12-31 18.90
2017-09-30 18.19
2017-06-30 18.31
2017-03-31 18.89
2016-12-31 17.52
2016-09-30 16.77
2016-06-30 14.79
2016-03-31 13.99

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Adani Ports and Special Economic Zone is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Adani Ports and Special Economic Zone's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Adani Ports and Special Economic Zone has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Adani Ports and Special Economic Zone performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Adani Ports and Special Economic Zone's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Adani Ports and Special Economic Zone's year on year earnings growth rate has been positive over the past 5 years.
  • Adani Ports and Special Economic Zone's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Adani Ports and Special Economic Zone's 1-year earnings growth is negative, it can't be compared to the IN Infrastructure industry average.
Earnings and Revenue History
Adani Ports and Special Economic Zone's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Adani Ports and Special Economic Zone Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:ADANIPORTS Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 110,258.10 36,316.10 489.10
2018-09-30 108,907.50 32,170.80 489.10
2018-06-30 109,888.50 36,036.60 489.10
2018-03-31 113,229.60 36,736.20 489.10
2017-12-31 103,715.60 39,137.60 463.20
2017-09-30 98,913.80 37,671.50 463.20
2017-06-30 93,579.10 37,900.00 463.20
2017-03-31 84,393.50 39,115.20 463.20
2016-12-31 82,821.80 36,258.70 364.40
2016-09-30 77,424.30 34,724.60 354.80
2016-06-30 73,675.30 30,641.40 364.40
2016-03-31 71,086.50 28,971.60 427.50
2015-12-31 69,896.50 26,140.30 1,628.50
2015-09-30 69,843.70 24,942.30 404.90
2015-06-30 66,435.20 23,872.10 1,628.50
2015-03-31 61,519.80 23,143.30 292.40
2014-12-31 55,333.60 21,834.00 1,122.90
2014-09-30 50,218.00 21,218.30 1,122.90
2014-06-30 46,229.10 18,901.40 1,122.90
2014-03-31 48,296.10 17,396.40 1,122.90
2013-12-31 44,810.00 15,800.20 830.30
2013-09-30 44,792.30 15,575.00 830.30
2013-06-30 41,441.70 15,451.10 830.30
2013-03-31 35,766.30 15,379.20 766.40
2012-12-31 43,383.45 11,523.80 853.17
2012-09-30 38,792.25 11,121.90 853.17
2012-06-30 37,143.95 11,232.30 853.17

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Adani Ports and Special Economic Zone has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Adani Ports and Special Economic Zone used its assets more efficiently than the IN Infrastructure industry average last year based on Return on Assets.
  • Adani Ports and Special Economic Zone's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Adani Ports and Special Economic Zone's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Adani Ports and Special Economic Zone has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Adani Ports and Special Economic Zone's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Adani Ports and Special Economic Zone's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Adani Ports and Special Economic Zone is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Adani Ports and Special Economic Zone's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Adani Ports and Special Economic Zone's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Adani Ports and Special Economic Zone Company Filings, last reported 3 months ago.

NSEI:ADANIPORTS Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 218,310.10 230,519.00 71,165.40
2018-09-30 218,310.10 230,519.00 71,165.40
2018-06-30 212,183.90 222,111.40 34,610.10
2018-03-31 212,183.90 222,111.40 34,610.10
2017-12-31 192,517.80 218,643.90 49,329.30
2017-09-30 192,517.80 218,643.90 49,329.30
2017-06-30 176,652.20 222,212.60 28,843.40
2017-03-31 176,652.20 222,212.60 28,835.20
2016-12-31 155,073.10 196,957.60 27,078.00
2016-09-30 155,073.10 196,957.60 27,078.00
2016-06-30 133,665.10 228,328.20 14,275.20
2016-03-31 136,294.50 223,485.40 13,868.70
2015-12-31 120,995.00 225,844.90 29,996.70
2015-09-30 120,995.00 225,844.90 29,996.70
2015-06-30 109,268.50 177,312.50 8,366.50
2015-03-31 109,268.50 177,312.50 8,366.50
2014-12-31 100,140.40 166,054.70 37,721.70
2014-09-30 100,140.40 166,054.70 37,721.70
2014-06-30 89,117.70 129,355.40 5,198.60
2014-03-31 89,117.70 129,355.40 5,198.60
2013-12-31 80,734.20 121,642.30 6,438.10
2013-09-30 80,734.20 121,642.30 6,438.10
2013-06-30 65,385.80 115,862.00 9,750.60
2013-03-31 65,385.80 115,862.00 9,750.60
2012-12-31 52,842.90 194,655.70 9,460.10
2012-09-30 52,842.90 194,655.70 9,460.10
2012-06-30 49,733.56 175,649.58 11,184.14
  • Adani Ports and Special Economic Zone's level of debt (105.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (150.6% vs 105.6% today).
  • Debt is well covered by operating cash flow (24.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15x coverage).
Show me more healthy companies in the Infrastructure industry
X
Financial health checks
We assess Adani Ports and Special Economic Zone's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. Adani Ports and Special Economic Zone has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Adani Ports and Special Economic Zone's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.51%
Current annual income from Adani Ports and Special Economic Zone dividends. Estimated to be 0.89% next year.
If you bought ₹2,000 of Adani Ports and Special Economic Zone shares you are expected to receive ₹10 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Adani Ports and Special Economic Zone's pays a higher dividend yield than the bottom 25% of dividend payers in India (0.51%).
  • Adani Ports and Special Economic Zone's dividend is below the markets top 25% of dividend payers in India (1.93%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NSEI:ADANIPORTS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
India Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 0.8%
India Market Average Dividend Yield Market Cap Weighted Average of 1400 Stocks 1.4%
India Minimum Threshold Dividend Yield 10th Percentile 0.3%
India Bottom 25% Dividend Yield 25th Percentile 0.5%
India Top 25% Dividend Yield 75th Percentile 1.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NSEI:ADANIPORTS Future Dividends Estimate Data
Date (Data in ₹) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 3.81 15.00
2020-03-31 3.17 17.00
2019-03-31 2.50 17.00
NSEI:ADANIPORTS Past Annualized Dividends Data
Date (Data in ₹) Dividend per share (annual) Avg. Yield (%)
2018-05-03 2.000 0.550
2017-08-16 1.300 0.326
2016-07-15 1.100 0.366
2016-05-03 1.100 0.549
2016-03-15 1.100 0.470
2015-08-12 1.100 0.418
2014-07-15 1.000 0.329
2014-05-15 1.000 0.418
2013-08-08 1.000 0.644
2012-07-12 1.000 0.742
2012-05-14 1.000 0.844
2011-04-28 0.800 0.566
2011-02-08 2.000 1.430
2010-05-17 0.800 0.536
2010-01-28 0.700 0.498
2009-06-01 0.600 0.536
2009-05-20 0.600 0.522
2009-04-24 0.300 0.350

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Adani Ports and Special Economic Zone's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (8.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (6.9x coverage).
Show me more dividend paying companies in the Infrastructure industry
X
Income/ dividend checks
We assess Adani Ports and Special Economic Zone's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Adani Ports and Special Economic Zone afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Adani Ports and Special Economic Zone has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Adani Ports and Special Economic Zone's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Karan Adani
COMPENSATION ₹15,000,000
AGE 31
TENURE AS CEO 3.3 years
CEO Bio

Mr. Karan G. Adani has been the Chief Executive Officer of Adani Ports and Special Economic Zone Limited (APSEZL) of Adani Enterprises Limited since January 1, 2015 and previously served as its Executive Director until January 1, 2016. Mr. Adani has been Whole Time Director at Adani Ports and Special Economic Zone Limited since May 24, 2017. Having accumulated experience throughout all levels of operations since 2009, he is responsible for the strategic development of Adani Group and supervises its day-to-day operations. He started his career by learning the intricacies of the port operations at Mundra. He has been Director at The Dhamra Port Company Limited since June 6, 2014. He has successfully steered the growth strategy of APSEZL resulting in its rapid expansion from two ports to a string of ten ports / terminals. He is technologically savvy with a global outlook and believes in setting the highest benchmarks in all areas of business. He holds a degree in economics from Purdue University, USA.

CEO Compensation
  • Karan's compensation has increased by more than 20% in the past year.
  • Karan's remuneration is lower than average for companies of similar size in India.
Management Team Tenure

Average tenure and age of the Adani Ports and Special Economic Zone management team in years:

3.3
Average Tenure
56
Average Age
  • The tenure for the Adani Ports and Special Economic Zone management team is about average.
Management Team

Gautam Adani

TITLE
Chairman & MD
COMPENSATION
₹28M
AGE
56
TENURE
21.3 yrs

Karan Adani

TITLE
CEO & Whole Time Director
COMPENSATION
₹15M
AGE
31
TENURE
3.3 yrs

Malay Mahadevia

TITLE
Whole-Time Director
COMPENSATION
₹111M
AGE
55

Deepak Maheshwari

TITLE
Chief Financial Officer
AGE
49
TENURE
0.9 yrs

T. Purohit

TITLE
General Manager of Law
COMPENSATION
₹1M
AGE
56
TENURE
13.3 yrs

Kamlesh Bhagia

TITLE
Company Secretary & Compliance Officer
TENURE
0.7 yrs

Umesh Shedde

TITLE
General Manager of Marketing & Business Development
COMPENSATION
₹70K
AGE
58

Sunil Gupta

TITLE
President of Corporate & Business Development
COMPENSATION
₹830K
AGE
62

Krishnamohan Rao

TITLE
Joint President & Head Human Resources
AGE
53

Gudena Rao

TITLE
Director of Ports
AGE
65
Board of Directors Tenure

Average tenure and age of the Adani Ports and Special Economic Zone board of directors in years:

6.5
Average Tenure
56
Average Age
  • The tenure for the Adani Ports and Special Economic Zone board of directors is about average.
Board of Directors

Karan Adani

TITLE
CEO & Whole Time Director
COMPENSATION
₹15M
AGE
31
TENURE
1.8 yrs

Malay Mahadevia

TITLE
Whole-Time Director
COMPENSATION
₹111M
AGE
55
TENURE
9.9 yrs

Rajeshbhai Adani

TITLE
Non-Independent & Non-Executive Director
COMPENSATION
₹600K
AGE
54
TENURE
20.9 yrs

Gautam Adani

TITLE
Chairman & MD
COMPENSATION
₹28M
AGE
56
TENURE
12.7 yrs

Ganesan Raghuram

TITLE
Independent Non-Executive Director
COMPENSATION
₹2M
AGE
62
TENURE
6.9 yrs

Gopal Pillai

TITLE
Independent Non-Executive Director
COMPENSATION
₹1M
AGE
69
TENURE
6.5 yrs

Sanjaybhai Lalbhai

TITLE
Independent Non-Executive Director
COMPENSATION
₹60K
AGE
64
TENURE
6.3 yrs

Radhika Haribhakti

TITLE
Independent Non-Executive Director
COMPENSATION
₹1M
AGE
61
TENURE
4.1 yrs

Mukesh Kumar

TITLE
Non-Independent & Non-Executive Director
AGE
48
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
14. Aug 18 Buy Deepak Maheshwari Individual 09. Aug 18 09. Aug 18 10,000 ₹377.60 ₹3,775,996
29. Jun 18 Sell S.B. Adani Family Trust Company 29. Jun 18 29. Jun 18 -27,052,618 ₹368.98 ₹-9,981,901,809
22. Jun 18 Sell Gautambhai Adani Individual 21. Jun 18 21. Jun 18 -12,480,142 ₹368.98 ₹-4,604,934,686
22. Jun 18 Sell Pan Asia Trade & Investment Pvt. Ltd. Company 21. Jun 18 21. Jun 18 -5,208,562 ₹368.98 ₹-1,921,860,170
X
Management checks
We assess Adani Ports and Special Economic Zone's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. Adani Ports and Special Economic Zone has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Why Adani Ports and Special Economic Zone Limited's (NSE:ADANIPORTS) High P/E Ratio Isn't Necessarily A Bad Thing

To keep it practical, we'll show how Adani Ports and Special Economic Zone Limited's (NSE:ADANIPORTS) P/E ratio could help you assess the value on offer. … Adani Ports and Special Economic Zone has a price to earnings ratio of 19.9, based on the last twelve months. … How Do I Calculate Adani Ports and Special Economic Zone's Price To Earnings Ratio

Simply Wall St - –

Have Investors Priced In Adani Ports and Special Economic Zone Limited's (NSE:ADANIPORTS) Growth?

Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS) closed yesterday at ₹338.45, which left some investors asking whether the high earnings potential can still be justified at this price. … Check out our latest analysis for Adani Ports and Special Economic Zone? … The excitement around Adani Ports and Special Economic Zone's growth potential is not unfounded

Simply Wall St - –

Who Has Been Selling Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS). … Adani Ports and Special Economic Zone Insider Transactions Over The Last Year. … Gautambhai Adani was the only individual insider to sell shares in the last twelve months.

Simply Wall St - –

Why Adani Ports and Special Economic Zone Limited’s (NSE:ADANIPORTS) Cash Is A Factor You Need To Consider

I will take you through Adani Ports and Special Economic Zone’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … What is Adani Ports and Special Economic Zone's cash yield. … Free cash flow (FCF) is the amount of cash Adani Ports and Special Economic Zone has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations.

Simply Wall St - –

Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS): A Look At Return On Capital

and looking to gauge the potential return on investment in Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS). … Buying Adani Ports and Special Economic Zone makes you a partial owner of the company. … Therefore, looking at how efficiently Adani Ports and Special Economic Zone is able to use capital to create earnings will help us understand your potential return.

Simply Wall St - –

What You Must Know About Adani Ports and Special Economic Zone Limited's (NSE:ADANIPORTS) Financial Strength

Mid-caps stocks, like Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS) with a market capitalization of ₹688b, aren’t the focus of most investors who prefer to direct their investments towards either large-cap or small-cap stocks. … Surprisingly though, when accounted for risk, mid-caps have delivered better returns compared to the two other categories of stocks. … Check out our latest analysis for Adani Ports and Special Economic Zone

Simply Wall St - –

Here's How P/E Ratios Can Help Us Understand Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS)

To keep it practical, we'll show how Adani Ports and Special Economic Zone Limited's (NSE:ADANIPORTS) P/E ratio could help you assess the value on offer. … Adani Ports and Special Economic Zone has a P/E ratio of 20.95, based on the last twelve months. … How Do I Calculate Adani Ports and Special Economic Zone's Price To Earnings Ratio

Simply Wall St - –

How Much Did Adani Ports and Special Economic Zone Limited's (NSE:ADANIPORTS) CEO Pocket Last Year?

Karan Adani has been the CEO of Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS) since 2016. … View our latest analysis for Adani Ports and Special Economic Zone? … Our data indicates that Adani Ports and Special Economic Zone Limited is worth ₹632.9b, and total annual CEO compensation is ₹15m.

Simply Wall St - –

Is It Time To Consider Buying Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS)?

Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS), which is in the infrastructure business, and is based in India,. … A question to answer is whether Adani Ports and Special Economic Zone's current trading price of ₹323.15 reflective of the actual value of the? … Let’s take a look at Adani Ports and Special Economic Zone’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St - –

Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS)'s Return on Capital

and looking to gauge the potential return on investment in Adani Ports and Special Economic Zone Limited (NSE:ADANIPORTS). … Buying Adani Ports and Special Economic Zone makes you a partial owner of the company. … This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor

Simply Wall St - –

Company Info

Description

Adani Ports and Special Economic Zone Limited, together with its subsidiaries, develops, operates, and maintains ports and related infrastructure facilities in India. The company operates 9 ports and terminals with 48 berths and 2 single point moorings to facilitate the handling of dry, liquid, crude oil, containers, ro-ro, and project cargo at Mundra, Kandla, Hazira, Dahej, Dhamra, Vizag, Murmugao, Kattupalli, and Ennore port locations. It also offers port services including marine, intraport transport handling, storage, and other value-added and evacuation services for a range of customers, primarily terminal operators, shipping lines and agents, exporters, importers, and other port users. The company also provides other services, including infrastructure, leasing, and logistics services; multi-model cargo storage-cum-logistics services; dredging services; and scheduled passenger airline, warehousing and other related, and hospital and related services. In addition, it engages in power distribution. The company was formerly known as Mundra Port and Special Economic Zone Limited and changed its name to Adani Ports and Special Economic Zone Limited in January 2012. Adani Ports and Special Economic Zone Limited was incorporated in 1998 and is based in Ahmedabad, India.

Details
Name: Adani Ports and Special Economic Zone Limited
ADANIPORTS
Exchange: NSEI
Founded: 1998
₹809,845,686,139
2,070,951,761
Website: http://www.adaniports.com
Address: Adani Ports and Special Economic Zone Limited
Adani House,
Near Mithakhali Six Roads,
Ahmedabad,
Gujarat, 380009,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NSEI ADANIPORTS Equity Shares National Stock Exchange of India IN INR 27. Nov 2007
BSE 532921 Equity Shares Mumbai Stock Exchange IN INR 27. Nov 2007
Number of employees
Current staff
Staff numbers
0
Adani Ports and Special Economic Zone employees.
Industry
Marine Ports and Services
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 12:51
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/06
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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