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Azure Power Global Limited
Azure Power Global Limited (NYSE: AZRE) is India's largest independent renewable energy generator. It uses its in-house engineering, procurement, and construction expertise to develop, build, and operate utility-scale renewable energy projects and manage the development and operation processes.
Why Should Investors Book Profit?
Valuation Methodology: EV/Sales Multiple Based Relative Valuation
(Analysis by Kalkine Group)
* % Premium/(Discount) is based on our assessment of the company's NTM trading multiple after considering its key growth drivers, economic moat, stock's historical trading multiples versus peer average/median, and investment risks.
Stock Recommendation:
AZRE's share price has declined 37.54% in the past nine months and is currently leaning towards the lower band of the 52-week range of USD 12.97 to USD 29.69. We have valued the stock using the EV/Sales-based relative valuation methodology and arrived at a target price of USD 15.01.
Considering the company's highly leveraged balance sheet, regulatory risks, current valuation and associated risks. we recommend a "Sell" rating on the stock at the current price of USD 16.06, up 2.25% as of April 08, 2022.
Three-Year Technical Price Chart (as of April 08, 2022). Source: REFINITIV, Analysis by Kalkine Group
* The reference data in this report has been partly sourced from REFINITIV.
* All forecasted figures and industry information have been taken from REFINITIV.