Jaiprakash Associates (JAIASS) - ICICI Direct

ICICIdirect.com coverage universe (Infrastructure)JP Associates Sales (| Crore) EPS (|) PE (x) P/BV(x) RoNW (%) RoCE (%)Idirect Code JAIASS CMP 86 FY10 10,088.9 4.2 20.4 2.1 11.7 8.0Mcap (| crore) 18243 Target 95 FY11 12,966.5 3.5 24.2 1.9 13.0 7.9GMR Infra% Upside 11% FY12E 13,048.9 3.1 27.9 1.8 6.7 7.2FY13E 14,999.3 3.1 28.1 1.7 6.2 6.7Idirect Code GMRINF CMP 32 FY10 4,566.5 0.4 71.7 1.3 2.3 3.9Mcap (| crore) 12435 Target 32 FY11 5,773.8 -0.3 NA 1.0 -9.8 3.1GVK Power% Upside 0% FY12E 7,796.8 -0.5 NA 1.1 -2.9 2.9FY13E 9,689.6 0.5 67.5 1.1 1.9 4.2Idirect Code GVKPOW CMP 19 FY10 1,786.6 1.0 17.4 0.9 4.9 4.2Mcap (| crore) 2945 Target 28 FY11 1,914.7 1.0 17.5 0.8 4.6 3.3IRB Infrastructure% Upside 50% FY12E 2,053.7 1.0 16.9 0.8 4.5 2.4FY13E 2,353.0 1.2 14.2 0.7 5.1 3.9Idirect Code IRBINF CMP 189 FY10 1,704.9 11.6 15.2 2.9 18.9 12.3Mcap (| crore) 6287 Target 189 FY11 2,438.1 13.6 13.0 2.4 18.6 12.2Source: Company, ICICIdirect.com Research% Upside 0% FY12E 3,041.1 13.9 12.1 2.0 16.3 10.6FY13E 3,959.1 13.9 12.1 1.7 14.2 10.0ICICI Securities Ltd | Retail Equity Research Page 6