IS GMR Infra Overvalued ?

Dear Readers,
Is there anybody who feels that GMR Infra is overvalued relative to its current and future earnings. I am not able to decide because GMR Infra does not have long enough history to evaluate its past performance. I want to throw this question in public to see what some of the readers of this blog think.

I know it has lot of projects under construction and will be bidding for more projects in future but the fact is that it will also be draining lot of cash in servicing debts that have been raised to finance these projects. Infrastructure is the momentum sector now but then Information Technology (IT) was the hot sector in 2000 and look what has happened to all the IT bellweathers even though they are still growing at 15 - 20% annually. In the long run I believe stock price always reflects the true value of the business and GMR Infra's stock price may be currently way above the intrinsic value of it's business.

Does anybody shares this thought?

Regards,
Bargain Hunter

DISCLAIMER: I do not have any long or short positions in GMR Infrastructure