Prestige Estate is expanding its commercial segment (by 43 msf) as well as its hospitality portfolio. Therefore, its commercial rental income is likely to clock a 53% CAGR to reach Rs 19.5 billion and its hospitality revenue would post a 20% CAGR to reach Rs 13.7 billion over FY24-27E. However, income from the commercial segment is likely to improve to Rs 33 billion by FY30E as all the under-construction assets are operationalized.
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Motilal Oswal Report
Prestige Estate Projects Ltd. has a diverse portfolio with a presence in residential, office, retail, and hospitality segments. The company's 9M FY25 incremental business development of 15 msf and the launch pipeline of Rs 800 billion would result in a presales CAGR of 14% over FY24-27E to reach Rs 315 billion by FY27E.
Prestige Estate is expanding its commercial segment (by 43 msf) as well as its hospitality portfolio. Therefore, its commercial rental income is likely to clock a 53% CAGR to reach Rs 19.5 billion and its hospitality revenue would post a 20% CAGR to reach Rs 13.7 billion over FY24-27E. However, income from the commercial segment is likely to improve to Rs 33 billion by FY30E as all the under-construction assets are operationalized.
Prestige Estate has quickly started gaining market share in MMR; it now plans to enter and scale up NCR as well as Pune, which will generate an incremental income stream. Therefore, we are extremely confident about the company's growth prospects and reiterate our Buy rating with a revised target price of Rs 1,725.
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