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Motilal Oswal Report
Prestige Estates Projects Ltd. stock has not seen any major re-rating despite continued strong performance in its residential business. In our opinion, this is likely due to concerns over leverage given a heavy capex cycle ahead of us.
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We expect CY23 to be a defining year for Prestige Estates Projects as it looks to grow its pre-sales on a strong base, provide growth visibility, and allay concerns of rise in leverage beyond a comfortable level.
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Prestige Estates Projects' 25 million square feet launch pipeline (over 12 months) and strong business development plans will provide clarity on further scale-up in residential business and robust cash flow generation.
While Prestige Estates Projects continues its aggressive stance on commercial strategy, a large part of its capex is likely to be funded from internal accruals, capping the net debt at not more than 0.5- 0.6 times of equity.
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