There is still enough steam left in Adani Ports and Special Economic Zone, said Sandeep Upadhyay, MD-infrastructure advisory at Centrum Capital, on Tuesday.

Adani Ports and Special Economic Zone hikes stake in Gangavaram Port.

Speaking in an interview to CNBC-TV18, he said, “The current acquisition which they have announced on Gangavaram seems to be a deal which they have struck at about 9-times EV/EBITDA. I think there is still enough steam left in the stock because the stock continues to trade at a higher premium vis-à-vis 9-times. They will be trading at 12-13-times in terms of their forward multiples.”

Upadhyay said we see 20-25 percent upside in Adani Ports over the next 12 months and expect more acquisitions from the group. “Going forward Adani may also look at assets outside India,” he said.

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(Edited by : Aditi Gautam)