Jefferies has maintained a Buy rating on GMR Airports, with a target price of ₹106, following the company’s announcement to acquire a 10% minority stake in Delhi International Airport Limited (DIAL) from the Fraport Group. This acquisition values 100% of DIAL at an equity value of $1.26 billion, or an enterprise value (EV) of $2.9 billion, translating to 17x FY25 and 7x FY26 estimated EV/EBITDA.
Jefferies sees this deal as attractively priced for GMR shareholders, drawing parallels to the 11% stake acquisition in GMR Hyderabad International Airport (GHIAL) last year. They note that GMR is actively consolidating its control over key flagship assets, while minority shareholders, holding small non-controlling stakes, are monetizing their positions.
The firm views this consolidation as a positive step for GMR, enhancing its strategic hold over critical airport assets.
