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ICICI Securities Report
Prior to the onset of Covid-19, Prestige Estates Projects Ltd. had a strong year across residential, leasing and hospitality segments.
FY20 was also a year of significant expansion in new markets of Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) along with stake buyouts in annuity projects.
While Covid-19 has impacted operations in H1 FY21 across segments, with gradual improvement expected from H2 FY21, we remain bullish on the company's long-term prospects.
We believe that the company can clock rental income of Rs 11.6 billion in FY23E (estimated enterprise value of Rs 127 billion) which acts as a cushion to consolidated FY22E net debt levels of Rs 88 billion.
Any potential stake sale to fully or partially reduce debt in its rental/hotels business is a key trigger for the stock.
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