Financials Prestige Estates Projects Limited Bombay S.E.

Equities

PRESTIGE

INE811K01011

Real Estate Development & Operations

Market Closed - Bombay S.E. Other stock markets 03:30:50 26/04/2024 pm IST			5-day change	1st Jan Change
1,355 ^INR	+3.42%		+10.10%	+15.48%

05/04	Prestige Estates Reportedly to List its Hotel Arm in 2024	CI
05/04	Prestige Estates Projects Acquires Land in Bengaluru, India for Residential Development	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	94,800	67,425	1,22,503	1,97,945	1,61,627	5,43,127	-	-
Enterprise Value (EV) ¹	1,69,785	1,44,186	1,34,603	2,41,363	2,24,689	6,23,815	6,38,961	6,53,933
P/E ratio	22.8 x	15.8 x	8.41 x	17.2 x	17.2 x	42.8 x	52.2 x	37.2 x
Yield	0.59%	0.89%	0.49%	0.3%	0.37%	0.13%	0.14%	0.13%
Capitalization / Revenue	1.83 x	0.83 x	1.69 x	3.1 x	1.94 x	5.95 x	4.73 x	4.01 x
EV / Revenue	3.28 x	1.77 x	1.85 x	3.78 x	2.7 x	6.83 x	5.57 x	4.83 x
EV / EBITDA	11.7 x	6.12 x	6.83 x	15.7 x	10.8 x	25 x	20.5 x	16.6 x
EV / FCF	-5,477 x	21.2 x	12.2 x	-185 x	-203 x	-47 x	-95.6 x	124 x
FCF Yield	-0.02%	4.72%	8.18%	-0.54%	-0.49%	-2.13%	-1.05%	0.81%
Price to Book	2.24 x	1.26 x	1.84 x	2.18 x	1.62 x	4.76 x	4.38 x	3.96 x
Nbr of stocks (in thousands)	3,75,000	4,00,862	4,00,862	4,00,862	4,00,862	4,00,862	-	-
Reference price ²	252.8	168.2	305.6	493.8	403.2	1,355	1,355	1,355
Announcement Date	28/05/19	24/06/20	08/06/21	26/05/22	30/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	51,719	81,248	72,644	63,895	83,150	91,338	1,14,811	1,35,363
EBITDA ¹	14,538	23,560	19,722	15,335	20,863	24,984	31,215	39,429
EBIT ¹	11,309	16,893	13,796	10,625	14,392	17,575	22,271	27,084
Operating Margin	21.87%	20.79%	18.99%	16.63%	17.31%	19.24%	19.4%	20.01%
Earnings before Tax (EBT) ¹	6,097	8,225	20,969	15,093	13,975	20,366	15,654	21,227
Net income ¹	4,156	4,031	14,562	11,500	9,418	13,133	10,495	14,691
Net margin	8.04%	4.96%	20.05%	18%	11.33%	14.38%	9.14%	10.85%
EPS ²	11.08	10.63	36.32	28.69	23.49	31.66	25.97	36.39
Free Cash Flow ¹	-31	6,812	11,007	-1,305	-1,107	-13,264	-6,684	5,277
FCF margin	-0.06%	8.38%	15.15%	-2.04%	-1.33%	-14.52%	-5.82%	3.9%
FCF Conversion (EBITDA)	-	28.91%	55.81%	-	-	-	-	13.38%
FCF Conversion (Net income)	-	168.99%	75.59%	-	-	-	-	35.92%
Dividend per Share ²	1.500	1.500	1.500	1.500	1.500	1.699	1.833	1.725
Announcement Date	28/05/19	24/06/20	08/06/21	26/05/22	30/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	18,476	22,681	14,158	13,445	13,776	24,003	19,385	14,277	23,170	26,318	16,809	19,546	23,574	25,946	-
EBITDA ¹	4,476	5,504	3,454	3,918	4,037	4,995	4,617	3,686	5,742	6,818	5,267	4,460	6,997	6,967	-
EBIT ¹	3,071	4,283	2,324	2,773	2,907	3,690	3,149	2,060	4,044	5,139	3,612	2,694	5,530	4,310	-
Operating Margin	16.62%	18.88%	16.41%	20.62%	21.1%	15.37%	16.24%	14.43%	17.45%	19.53%	21.49%	13.78%	23.46%	16.61%	-
Earnings before Tax (EBT) ¹	1,470	17,324	1,430	1,451	1,472	10,980	3,532	2,130	2,340	5,973	4,084	2,504	3,709	2,868	-
Net income ¹	587	13,363	573	759	933	9,393	2,049	1,407	1,278	4,684	2,669	1,237	2,226	1,859	-
Net margin	3.18%	58.92%	4.05%	5.65%	6.77%	39.13%	10.57%	9.86%	5.52%	17.8%	15.88%	6.33%	9.44%	7.17%	-
EPS ²	1.460	33.33	1.430	1.890	2.330	23.43	5.110	3.510	3.190	11.68	6.660	3.880	2.515	3.655	5.890
Dividend per Share	-	1.500	-	-	-	1.500	-	-	-	-	-	-	-	-	-
Announcement Date	11/02/21	08/06/21	10/08/21	11/11/21	09/02/22	26/05/22	09/08/22	09/11/22	14/02/23	30/05/23	08/08/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	74,985	76,761	12,100	43,418	63,062	80,687	95,834	1,10,806
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.158 x	3.258 x	0.6135 x	2.831 x	3.023 x	3.23 x	3.07 x	2.81 x
Free Cash Flow ¹	-31	6,812	11,007	-1,305	-1,107	-13,264	-6,684	5,277
ROE (net income / shareholders' equity)	9.28%	8.41%	5.83%	5.85%	7.68%	11.4%	8.89%	11.2%
ROA (Net income/ Total Assets)	1.74%	1.38%	5.16%	1.79%	2.18%	3.31%	2.6%	2.7%
Assets ¹	2,38,303	2,92,356	2,82,450	6,42,171	4,31,128	3,96,825	4,03,126	5,43,796
Book Value Per Share ²	113.0	134.0	167.0	227.0	249.0	285.0	309.0	342.0
Cash Flow per Share ²	20.30	58.70	46.20	53.40	38.40	99.80	127.0	141.0
Capex ¹	7,652	15,451	7,521	22,704	16,502	26,171	28,663	31,153
Capex / Sales	14.8%	19.02%	10.35%	35.53%	19.85%	28.65%	24.97%	23.01%
Announcement Date	28/05/19	24/06/20	08/06/21	26/05/22	30/05/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Prestige Estates Projects Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,355 INR

Average target price

1,380 INR

Spread / Average Target

+1.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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