Jaiprakash Power Ventures Ltd.

“Jaiprakash Power Ventures remains a small, coal-heavy and highly leveraged utility with no durable moat, only marginal returns on capital, and a sponsor group with a weak capital-allocation history; at roughly mid-20s earnings multiples and well above book for its quality, the stock prices in much of the balance-sheet repair without compensating for the high risk of permanent capital loss, leaving little long-term compounding potential and making it an unattractive destination for fresh capital.”