Gateway Distriparks Ltd.

Starting Coverage


Target Price FY12E (Rs. )

CMP (Rs. )

52 Week H/L (Rs)

Volumes (BSE+NSE)*

Shares O/S (in mn)

Market Cover (Rs. mn)

Free Drift (%)



*Three months average


147. 0

114. 1

147. 4/82. you

261, 624

107. 9

12, 311. 9

55. 4



Discuss Holding Style as on March thirty-one,




Open public & Other folks





Shares (in mn)

% Holding

forty-eight. 1

13. 7

seventeen. 5

2 . 1

26. 3

107. 9

44. 6

doze. 7

sixteen. 3

2 . 0

twenty four. 4

95. 0

Time: July 2009, 2010

Analyst: Jignesh Makwana

Tel: 91-22-66321300

[email protected] com

Financial Illustrates


Income(Rs. mn)


EBITDA(Rs. mn)

Net Profit (Rs. mn)


EPS (Rs. )






some, 509. almost eight

66. 2%

1, 461. 2

795. 7

almost eight. 1%

several. 4

your five, 265. 7

16. 8%

1, 432. 5

790. 5

-0. 7%

7. 3

6th, 567. four

24. 7%

1, 872. 5

one particular, 003. several

26. 9%

9. 3

8, 793. 7

33. 9%

two, 507. your five

1, 291. 6

28. 73%

12. 0

Resource: Company, QS Research

Purchase Positives

Major private person in pot rail segment

Since obtaining license for operating container rails in 2007, GDL has emerged as the greatest private player in India only after state operate Container Organization of India (CONCOR). GDL is doing

box rail procedures under its subsidiary Gateway Rail Freight Ltd. By today GRFL has largest container rail facilities among the personal players. The infrastructure profile includes 21 years old rakes, several operational ICDs (Garhi, Ludhiana and Kalamboli-Navi Mumbai), 700+ wagons, 1500+ containers. GDL is among the

not many private players in India which has functional ICDs/rail ports which absolutely put it before other non-public players in the container train operations.

Situated near commercial establishments CFSs gives edge

GDL is one of the major CFS employees in India. It at present operates four CFS (two at Navi Mumbai and one each at Chennai

and Vizag). Beside four operational CFSs, GDL is likewise coming up with another CFS in Kochi which is expected to complete by end of current fiscal. By today GDL provides total CFS capacity of 480, 1000 TEUs which can be expected to rise to 520, 000-550, 000 TEUs following commencement of Kochi CFS. All of their operational CFSs are

strategically located near significant container slots (JNPT, Chennai & Vizag ports – collectively deals with ~75% of total textbox traffic of India). Further all it is CFSs are within the closeness of ports which gives border to GDL over various other CFS players.

Valuation and Outlook

With rising level containerized shipment and improvement in port traffic we believe GDL still do well in the period of up coming two to three years. At CMP, GDL deals at a PE multiple of doze. 3x and 9. 5x of FY11E and FY12E earnings respectively. We start our coverage on GDL with Outperformer recommendation. All of us arrive at the target price by deriving separate value of each organization verticals (CFS, Rail and SFF), which provides us a cost target of Rs. 147 per talk about. At the target prices, the stock trades in 15. 8x and 12. 3x of FY11E and FY12E earnings respectively.

Palinode: this record is based on info obtained from options believed to be reliable. We do not produce any rendering or guarantee as to its veracity, completeness or perhaps correctness. Thoughts & hypotheses expressed are based on present conditions & wisdom and are be subject to change without warning. Quantum Investments Pvt. limited. accepts zero liability in any respect for any immediate or consequential loss arising from any make use of this file or further communication given in relation to this document. Mess Securities Pvt. ltd. and its particular associates, directors, and/or workers may have got positions in, and may impact transactions in securities pointed out herein and might also execute or strive to perform broking, investment financial and other financial services for people companies. In the event that annualized results are more than 20% above 12 to eighteen months then a stock is usually rated while BUY,...


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