Motilal Oswal is bullish on Prestige Estates Projects and has recommended buy rating on the stock with a target of Rs 284 in its August 02, 2014 research report.
"Prestige Estates' (PEPL) 1QFY15 standalone revenue grew 13% YoY to INR5.6b (v/s est. of INR4.8b). Key projects to have contributed to revenue largely are Bella Vista, Teck Park III, Tranquility, White Meadows etc. EBITDA stood at INR1.4b, +6% YoY (v/s est. of INR1.2b), translating into margin of 24.3%. PAT stood at INR1b, +20% YoY, v/s est. of INR0.72b, led by higher other income which comprises profit from few joint venture projects. PEPL launched its flagship project Falcon City (4.6msf, PEPL share of 35.7%) and garnered strong sales of ~INR9.8b. It accounted for ~75% of overall pre-sales in 1QFY15 of 2.1msf (INR13b) v/s 0.99msf (INR6b) in 4QFY14. It met with ~30% of FY15 pre-sales guidance in 1Q. New leasing in 1QFY15 was 0.69msf (PEPL share of 0.06msf) v/s guidance of 2msf of annual leasing in FY15. Rental income grew 4% QoQ (+30% YoY) to INR746m. We estimate rentals of INR3.5b (annualized INR3.8b) in FY15E, largely in line with management guidance. Customer collections strengthened QoQ to INR7.6b (v/s INR6.6b in 4Q) led by stronger pre-sales in recent launches. Consolidated net debt stood at INR25.7b (+INR0.4b QoQ), while effective debt as PEPL's stake was stable QoQ at INR24.6b (0.76x). FCFE break-even was attributable to (a) cash inflow of INR8.5b (collections of INR7.6b and rent of INR0.7b) to have been utilized towards (b) construction spends (INR5b), overheads (INR0.7b), interest (INR0.8b), tax (INR0.4b) and implied land advances (~INR0.9b)."
"We prefer PEPL as one of the most resilient bet in realty universe due to (a) strong business model with robust annuity support, (b) strategic project locations, execution ability and smart product proportions which keep it ahead of competition to maintain steady pre-sales and (c) visibility of growing cash flow and positive FCFE by FY16. PEPL trades at 13.9x FY16E EPS and 2.2x FY16E BV (estimated RoE of ~16%). We maintain a Buy with a target price of INR284," says Motilal Oswal research report.
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