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ICICI Securities Report
We retain our Buy rating on SignatureGlobal India Ltd. with an unchanged target price of Rs 1,905, valuing it at 10 times FY24–26E average embedded Ebitda on sales bookings.
Signature recently launched Phase 1 of its Daxin Vistas, Sohna project in Gurugram. It consists of independent floors and residential/industrial plots and has an estimated gross development value more than Rs 20 billion.
The company has a strong launch pipeline – FY24–28E cumulative projects GDV of more than Rs 450 billion. Thus, we envisage Signature clocking 19% sales booking CAGR over FY24–27E; sales booking ranging between Rs 100–120 billion annually over FY25–27E.
Given Signature's established presence across Gurugram, its next level of growth may come from Noida, NCR where the company may look to augment its land bank via outright purchases/joint development agreements.
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