Why Rajiv Jain Invested In Adani Group Of Companies? | Exclusive Interview | ET NOW | Nikunj Dalmia
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Rajiv Jain of GQG Partners
Rajiv Jain of GQG Partners in an exclusive interview with ET Now says cheap valuations, mid-teens growth expectation, earnings predictability, less risk, and no meaningful substance in the short seller reports led him to buy a stake in four out of the 10 listed Adani Group companies.
GQG Partners which manages more than $92 billion in client assets globally, invested close to Rs 15,400 crore in four Adani Group companies – Adani Enterprises, Adani Ports, Adani Transmission, and Adani Green Energy. This happened at a time, when the sentiments were quite negative, owing to the Hindenburg Research Report.
The Hindenburg Research Report which was released on January 24, led to havoc in the share prices of Adani Group stocks, with all of them falling on average around 70% from their 52-week highs. Rajiv seems to have used this crisis as an opportunity to buy a sizeable stake in the companies. He said that the short-seller report was strongly worded, but lacked meaningful substance.
To be sure, the share prices of Adani Group companies were multi-baggers, before the Hindenburg report, and valuations were expensive. The earlier run-up in share prices, according to Jain, was owing to a big influx of ESG money. However, he did mention that the classic price-to-earnings valuations metric is not the correct yardstick to value Adani stocks.
Talking more about the individual companies, Rajiv Jain – the Chairman and Chief Investment Officer of GQG Partners – says that getting the Mumbai Airport was a game changer for Adani Enterprises, while for Adani Ports – the foray into hinterland will make it formidable. Jain who also serves as the portfolio manager for all GQG Partners strategies believes that the long-term earnings trajectory of Adani Group companies is predictable. He expects the group to grow at a ‘mid-teens’ rate. He also mentioned that negative cash flows of the group mean that they are investing the funds in the business which will lead to higher growth going ahead.
The two key risks that he sees in Adani Group are slower growth and regulatory issues. The biggest risk in regulated businesses is regulation, he added. Watch this exclusive interview with Nikunj Dalmia! #rajivjain #etnow #etnow #exclusiveinterview #nikunjdalmia #businessnews
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GQG Partners which manages more than $92 billion in client assets globally, invested close to Rs 15,400 crore in four Adani Group companies – Adani Enterprises, Adani Ports, Adani Transmission, and Adani Green Energy. This happened at a time, when the sentiments were quite negative, owing to the Hindenburg Research Report.
The Hindenburg Research Report which was released on January 24, led to havoc in the share prices of Adani Group stocks, with all of them falling on average around 70% from their 52-week highs. Rajiv seems to have used this crisis as an opportunity to buy a sizeable stake in the companies. He said that the short-seller report was strongly worded, but lacked meaningful substance.
To be sure, the share prices of Adani Group companies were multi-baggers, before the Hindenburg report, and valuations were expensive. The earlier run-up in share prices, according to Jain, was owing to a big influx of ESG money. However, he did mention that the classic price-to-earnings valuations metric is not the correct yardstick to value Adani stocks.
Talking more about the individual companies, Rajiv Jain – the Chairman and Chief Investment Officer of GQG Partners – says that getting the Mumbai Airport was a game changer for Adani Enterprises, while for Adani Ports – the foray into hinterland will make it formidable. Jain who also serves as the portfolio manager for all GQG Partners strategies believes that the long-term earnings trajectory of Adani Group companies is predictable. He expects the group to grow at a ‘mid-teens’ rate. He also mentioned that negative cash flows of the group mean that they are investing the funds in the business which will lead to higher growth going ahead.
The two key risks that he sees in Adani Group are slower growth and regulatory issues. The biggest risk in regulated businesses is regulation, he added. Watch this exclusive interview with Nikunj Dalmia! #rajivjain #etnow #etnow #exclusiveinterview #nikunjdalmia #businessnews
Subscribe To ET Now For Latest Updates On Stocks, Business News, Trading, Crypto Updates | https://bit.ly/SubscribeToETNow
To Stay Updated Download the Times Now App :-
Android Google Play : https://goo.gl/zJhWjC
Apple App Store : https://goo.gl/d7QBQZ
Social Media Links :-
Twitter - http://goo.gl/hA0vDt
Facebook - http://goo.gl/5Lr4mC
G+ - http://goo.gl/hYxrmj
Website - www.etnownews.com
Subscribe Now To Our Network Channels:-
Times Now: https://bit.ly/SubscribeToTimesNow
Mirror Now: https://bit.ly/SubscribeToMirrorNow
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