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ICICI Securities Report
We retain Buy on SignatureGlobal India Ltd. with a revised target price of Rs 1,905 (earlier Rs 1,707), valuing the company at 10 times FY24-26E (earlier nine times) average embedded Ebitda on sales bookings.
The company has now successfully transitioned into mid-income/premium segment with new launches in premium segment at Sector 37 and Sector 71 (in Gurugram) between Jan-June-24 having seen strong offtake.
Given its strong launch pipeline with projects having a cumulative gross development value of more than Rs 450 billion over FY24-28E, we estimate Signature may clock 19% sales booking CAGR over FY24E-27E with sales booking ranging between Rs 100-120 billion annually over FY25E-27E.
With the company having firmly established its presence across Gurugram, the next level of growth may come from Noida, NCR where it may look to augment its land bank through outright purchase/joint development agreement route.
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