1 ) Valuation of Adani ports and Special Economic

Zone Ltd using EV to sales ratio is as follows:-

- Industry average (from comparison to 3 companies )
EV/sales = (8.36 +6.67+9.15+3.92)/4 = 7.025
- EV for Adani ports and Special economic zone Ltd. using Industry
average EV/sales = 7.025 * 11873.00 = 86,079.25 (Rs. In crores) .

2. Valuation of Adani ports and Special Economic

Zone Ltd. using EV/EBITDA ratio is as follows :-
- Industry average EV/EBITDA = (12.82+23.10+26.01+17.48)/4

= 18.8525

- EV for Adani ports and Special economic zone Ltd. using Industry
average EV/EBITDA = 18.8525 * 4336.90 = 81,761.41 (Rs. In crores)

- ACTUAL EV = 74,066.63 (Rs in crore)

- Thus we can say that the market is under-pricing Adani ports and
Special economic zone Ltd as compared to its peers thus the stock
should be bought or BUY .

3. Valuation of Adani ports and Special Economic

Zone Ltd. using Price to earnings ratio is as follows :-
- Industry average P/E of all companies

=499.15/4= 124.79

- Price for Adani ports and Special economic zone Ltd. using
Industry average is = 124.97 * 354.20 = Rs. 44,264.38

4). Valuation of Adani ports and Special Economic Zone

Ltd using P/sales ratio is as follows:
Industry average P/sales of companies = 0.284 .
Price for Adani ports and Special Economic Zone Ltd. using Industry

average P/sales = 354.2 * 499.15*/11,873.07 = 14.89

As the stock price is Rs.354.2 , thus is all cases the market is overpricing
the company by a lot. Thus, we should SELL the stock

MY FINAL RECCOMENDATION IS TO BUY THE STOCK .