BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Prior to the onset of Covid-19, Prestige Estates Projects Ltd. had a strong year across residential, leasing and hospitality segments.
FY20 was also a year of significant expansion in new markets of Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) along with stake buyouts in annuity projects.
While Covid-19 has impacted operations in H1 FY21 across segments, with gradual improvement expected from H2 FY21, we remain bullish on the company’s long-term prospects.
We believe that the company can clock rental income of Rs 11.6 billion in FY23E (estimated enterprise value of Rs 127 billion) which acts as a cushion to consolidated FY22E net debt levels of Rs 88 billion.
Any potential stake sale to fully or partially reduce debt in its rental/hotels business is a key trigger for the stock.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.