GAIL is India’s leading gas pipeline company with presence in petrochemicals, gas trading and LPG. The gas trading has a volatile earnings profile and that tend to distort the near term performance. Despite very valuable assets (pipelines), which can be set up only by a PSU, the company trades at 1.3 x book value due to threat of government influence in pricing / subsidy sharing. We have an over weight rating due to cheap valuations, 3% dividend yields and stable cashflows. Increased use of gas as fuel and feedstock for chemicals and fertilizers augurs well for the long term prospects as also commissioning of new pipelines and creation of a national gas pipeline grid for seamless transmission – 11-02-2021 Price: 136.40 Rating: Neutral Recommendation: Hold
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