Financials Prestige Estates Projects Limited

Equities

PRESTIGE

INE811K01011

Real Estate Development & Operations

Market Closed - NSE India S.E. Other stock markets 05:13:55 18/06/2024 pm IST			5-day change	1st Jan Change
1,935 ^INR	+0.43%		+3.36%	+64.15%

30/05	Jefferies Adjusts Prestige Estates Projects' Price Target to INR1,215 From INR985, Keeps at Underperform	MT
29/05	Transcript : Prestige Estates Projects Limited, Q4 2024 Earnings Call, May 29, 2024

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	7,75,727	-	-
Enterprise Value (EV) ¹	1,69,785	1,44,186	1,34,603	2,41,363	2,24,689	4,69,008	8,73,268	8,85,810
P/E ratio	22.8 x	15.8 x	8.41 x	17.2 x	17.2 x	34.1 x	85.5 x	51.5 x
Yield	0.59%	0.89%	0.49%	0.3%	0.37%	0.09%	0.11%	0.11%
Capitalization / Revenue	1.83 x	0.83 x	1.69 x	3.1 x	1.94 x	5.95 x	6.83 x	5.82 x
EV / Revenue	3.28 x	1.77 x	1.85 x	3.78 x	2.7 x	5.95 x	7.69 x	6.65 x
EV / EBITDA	11.7 x	6.12 x	6.83 x	15.7 x	10.8 x	18.8 x	26.6 x	22.6 x
EV / FCF	-5,477 x	21.2 x	12.2 x	-185 x	-203 x	-64.6 x	-55.4 x	-283 x
FCF Yield	-0.02%	4.72%	8.18%	-0.54%	-0.49%	-1.55%	-1.81%	-0.35%
Price to Book	2.24 x	1.26 x	1.84 x	2.18 x	1.62 x	6.76 x	6.24 x	5.63 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	1,927	1,927	1,927
Announcement Date	28/05/19	24/06/20	08/06/21	26/05/22	30/05/23	28/05/24	-	-

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	78,771	1,13,532	1,33,245
EBITDA ¹	14,538	23,560	19,722	15,335	20,863	24,984	32,877	39,224
EBIT ¹	11,309	16,893	13,796	10,625	14,392	17,819	22,476	27,364
Operating Margin	21.87%	20.79%	18.99%	16.63%	17.31%	22.62%	19.8%	20.54%
Earnings before Tax (EBT) ¹	6,097	8,225	20,969	15,093	13,975	21,110	15,038	20,715
Net income ¹	4,156	4,031	14,562	11,500	9,418	13,741	8,834	14,690
Net margin	8.04%	4.96%	20.05%	18%	11.33%	17.44%	7.78%	11.02%
EPS ²	11.08	10.63	36.32	28.69	23.49	34.28	22.52	37.44
Free Cash Flow ¹	-31	6,812	11,007	-1,305	-1,107	-13,264	-15,764	-3,132
FCF margin	-0.06%	8.38%	15.15%	-2.04%	-1.33%	-14.59%	-13.89%	-2.35%
FCF Conversion (EBITDA)	-	28.91%	55.81%	-	-	-	-	-
FCF Conversion (Net income)	-	168.99%	75.59%	-	-	-	-	-
Dividend per Share ²	1.500	1.500	1.500	1.500	1.500	1.699	2.029	2.103
Announcement Date	28/05/19	24/06/20	08/06/21	26/05/22	30/05/23	28/05/24	-	-

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	5.610
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	97,541	1,10,083
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.158 x	3.258 x	0.6135 x	2.831 x	3.023 x	3.236 x	2.967 x	2.807 x
Free Cash Flow ¹	-31	6,812	11,007	-1,305	-1,107	-13,264	-15,765	-3,132
ROE (net income / shareholders' equity)	9.28%	8.41%	5.83%	5.85%	7.68%	11.4%	8.86%	11.1%
ROA (Net income/ Total Assets)	1.74%	1.38%	5.16%	1.79%	2.18%	3.31%	3.01%	3.19%
Assets ¹	2,38,303	2,92,356	2,82,450	6,42,171	4,31,128	3,96,825	2,93,913	4,61,208
Book Value Per Share ²	113.0	134.0	167.0	227.0	249.0	285.0	309.0	343.0
Cash Flow per Share ²	20.30	58.70	46.20	53.40	38.40	99.80	103.0	137.0
Capex ¹	7,652	15,451	7,521	22,704	16,502	26,171	38,686	34,971
Capex / Sales	14.8%	19.02%	10.35%	35.53%	19.85%	28.79%	34.07%	26.25%
Announcement Date	28/05/19	24/06/20	08/06/21	26/05/22	30/05/23	28/05/24	-	-

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

1,927 INR

Average target price

1,626 INR

Spread / Average Target

-15.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

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MACROTECH DEVELOPERS LIMITED	+55.56%	18.54B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	-1.01%	16.03B

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