This report adopts a relative valuation methodology to estimate a 12- month Target Price (TP) for GEREGU following its recent listing on the stock exchange. In arriving at our TP, we used comparable power-generating companies across select emerging market economies as our peer universe. The asset base of these companies ranges from $132.7 million to $1.6 billion. This peer universe has grown revenue and PAT by an average 3-year CAGR of 16.0% and 9.9%, respectively. These performance numbers pale compared to GEREGU's 26.5% and 23.0%, respectively. This disparity in earnings growth could be explained by the age and growth phase of GEREGU (16 years vs the mean of 34 years for peers).