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Motilal Oswal Report
Mahindra Lifespace Developers Ltd. has progressed well in scaling up its operations in the last four years and continues to provide clarity on future growth targets. However, we believe that a portion of this growth is already built into its current valuation, which has increased by five times since the beginning of FY20, while business parameters have scaled up 3-4 times.
Further, we estimate the value of its existing pipeline at Rs 40 billion. Concurrently, at the current market price, the residential segment is valued at Rs 78 billion, in line with our DCF based value of Rs 75 billion. This indicates that the near-term growth potential is already factored into the current price.
We reiterate our Neutral stance on the stock with an unchanged target price of Rs 600, indicating a downside risk of 3%.
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