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ICICI Securities Report
We retain Buy rating on SignatureGlobal India Ltd. with a revised target price of Rs 1,707 (earlier Rs 1,705), valuing the company at nine times FY24-26E average embedded Ebitda on sales bookings. Signature delivered 63% sales booking compound annual growth rate over FY21-24, largely through affordable/ mid-income housing projects.
It has now forayed into premium group housing projects in prime areas of Gurugram. Given its strong launch pipeline of projects with a cumulative gross development value of more than Rs 400 billion over FY24-27, we estimate Signature to clock 19% sales booking compound annual growth rate over FY24-27E, with sales booking ranging between Rs 100-120 billion annually over FY25-27E at average realisation of over Rs 13,000/psf.
Key risks: Slowdown in Gurugram market and inability to replenish land bank.
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