Brigade Enterprise - Targeting Consistent Growth Across All Segments: Motilal Oswal

Motilal Oswal Report

Brigade Enterprise Ltd. has honed the ability to consistently scale up the business across all segments. It is now gearing up for the next leg of growth in the residential segment by entering new cities and is also planning to significantly expand its annuity portfolio.

Brigade Enterprise continues to provide strong visibility in the near term, supported by the progress made in business development over the last few years.

At the current market price, the company is trading at an enterprise of Rs 235 billion. Excluding the of operational annuity portfolio, the implied of the residential business stands at Rs 120 billion. The net asset of the current residential pipeline is Rs 75 billion, implying a premium of 60%.

Additionally, the proposed development of 5 million square feet office/retail along with 1,000 keys can be d at Rs 30-35 billion; however, this is not currently reflected in the company’s valuation.

Hence, we maintain our Buy rating with an unchanged target price of Rs 1,250, implying an upside of 31%.

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