JM Financial initiates coverage on Adani Ports, sees 36% upside
We estimate Adani Ports to remain the market leader in India with volume growth of 16%, translating into Revenue/EBITDA/PAT CAGR of 18%/15%/13% respectively in FY23-25E with OCF/EBITDA exceeding 80%,the brokerage said in a report.
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