Prestige Estates Projects' Likely Transforming Into Pan-India Player — Market Talk
DDow Jones
Prestige Estates Projects' is likely transforming into a pan-India player in the property market, Nomura's Akashi Gupta says in a research report. A strong scale-up by the real estate developer is expected, especially in Mumbai and the Delhi National Capital Region, driven by mid-income township and luxury projects, the analyst says. The Indian company's superior business execution should help scale its annuity and hotel Ebitda by 4x-5x over the next 4-5 years, and its valuations look cheaper given the stock trades at a premium-to-net asset value lower than peer Godrej Properties. Nomura initiates coverage of the stock with a buy rating and a target price of INR1,900.00. Shares are 0.3% higher at INR1,630.25. (ronnie.harui@wsj.com)