Oberoi Realty (OBEREA) 398
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- Darren Lawrence
- 5 years ago
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1 Result Update Rating matrix Rating : Hold Target : 385 Target Period : 12 months Potential Upside : -3% What s Changed? Target Changed from 333 to 385 EPS FY18E Changed from 26.3 to 25.9 EPS FY18E Introduced at 27.4 Rating Unchanged Quarterly Performance crore Q4FY17 Q4FY16 YoY (%) Q3FY17 QoQ (%) Revenue EBITDA EBITDA (%) bps bps PAT Key Financials Crore FY16 FY17E FY18E FY19E Net Sales 1, , , ,836.6 EBITDA , ,388.0 Net Profit EPS ( ) Valuation summary (x) FY16 FY17E FY18E FY19E P/E Target P/E EV / EBITDA P/BV RoNW (%) RoCE (%) Stock data Particular Amount ( crore) Market Capitalization 13,063.9 Total Debt Cash EV 13, week H/L ( ) 414 / 256 Equity capital Face value ( ) 1 Price performance (%) Return % 1M 3M 6M 12M Oberoi Realty Sobha Limited BSE Realty Research Analyst Deepak Purswani, CFA deepak.purswani@icicisecurities.com Vaibhav Shah vaibhav.shah@icicisecurities.com Ends year with better sales volumes May 8, 2017 Oberoi Realty (OBEREA) 398 Oberoi Realty's (ORL) Q4FY17 sales volumes grew 27.5% sequentially to 1.35 lakh sq ft with sales value of crore. Sales volumes were above our estimates of 1.23 lakh sq ft mainly on account of higher-than-expected sales volume of sq ft in Three Sixty West project (our expectation: sq ft) Revenues grew 27.7% YoY to crore, in line with our estimate of crore The EBITDA margin expanded 680 bps YoY to 52.3% mainly on account of a change in the project mix (our expectation of 48.7%) Net income grew 57.7% YoY to crore, marginally above our expectation of 93.9 crore The board of directors of the company have recommended a dividend of 2 per share for FY17 Posts strong sales volume growth in Q4FY17 ORL s sales volumes grew robustly at 27.7% QoQ to 1.35 lakh sq ft in Q4FY17 on account of strong sales performance across projects. Sales volumes were boosted by Three Sixty West and Prisma projects where it managed to sell sq ft & sq ft, respectively. For FY17, the company managed to clock sales volumes of 0.6 msf vs. 1.3 msf in FY16 due to demonetisation impact and absence of any new launches. With a strong performance in Q4FY17, the management believes demonetisation has turned out to be a non-event and expects a demand revival. Going forward, the company would look to launch subsequent phases of Borivali and Mulund projects. Also, in FY18E, it is planning to launch the third phase of the Goregaon project. Consequently, we have built in sales volumes of 1.7 msf in FY19E. Further, with revenue recognition from newly launched projects, we expect topline, PAT to grow at 59.6%, 54.2% CAGR to crore, crore, respectively, in FY17-19E. RERA to bring in consolidation in sector RERA has been implemented from May 1, 2017 in Maharashtra. RERA seeks to bring clarity and fair practices that would protect the interests of buyers and also impose penalties on errant builders. It would bring in much needed transparency in the real estate sector and also consumer s confidence back into the sector. Though there could be some near term hiccups during the transition phase towards RERA, over the long term, it would benefit organised players like Oberoi as it would lead to consolidation in the sector. Further, the management felt that RERA implementation would not impact their routine operations. Looking to commence operations at new malls by ORL is looking to set up new malls in Worli and Borivali area. In Worli, the company is planning a mixed use development of 1 mn sq ft (msf) on the Glaxo land, which includes a luxury mall over 0.5 msf and a hotel and some residential plots over the remaining area. The decision to develop malls comes in the backdrop of success of existing malls in the region and the demand for quality space from various brands. It is looking to start operations at the Worli mall by and for hotel by Await pick-up in sales volumes; maintain HOLD We like ORL given the quality of land bank, its healthy balance sheet & management bandwidth to execute large projects. Though sales volumes look strong sequentially, we await a meaningful pick-up in sales volumes, going forward. Further, the recent rally in the stock (up ~21% in past three months) leaves no room for upside. Hence, we continue to maintain our HOLD recommendation on the stock with revised TP of 385. ICICI Securities Ltd Retail Equity Research
2 [ Variance analysis Q4FY17 Q4FY17E Q4FY16 YoY (Chg %) Q3FY17 QoQ (Chg %) Comments Income from Operation Revenues grew 27.7% YoY to crore and were in line with our estimate of crore Other Income Operating Cost Employee cost Other expenditure EBITDA EBITDA Margin (%) bps bps The EBITDA margin expanded 680 bps YoY to 52.3% mainly on account of a change in the project mix Depreciation Interest , PBT Taxes PAT PAT grew robustly at 57.7% YoY to crore, marginally above our estimates of 93.9 crore Key Metrics Sales Volume (in sq ft) 135, , , , Sales volume was above our estimates of 1.23 lakh sq ft mainly on account of higher-than-expected sales volume of sq ft in Three Sixty West project (our expectation: sq ft) Change in estimates FY17 FY18E FY19E ( Crore) Old New % Change Introduced Comments Revenue 1, , We have marginally tweaked our FY18E assumptions and introduced FY19E numbers EBITDA , EBITDA Margin (%) bps 48.9 PAT EPS ( ) Assumptions FY15 FY16 FY17 FY18E FY18E FY19E Comments Volume sold in msf New Earlier Introduced Goregaon Andheri/Borivali Worli Mulund Pune Total We have introduced FY19E estimates at 1.7 msf ICICI Securities Ltd Retail Equity Research Page 2
3 Conference call highlights: Project updates: The company received approvals for an additional residential area of 5.3 lakh sq ft in tower A of the Three Sixty West project. Further, the management expects the Mulund projects to hit the revenue recognition threshold probably by FY18E end. The company also expects to complete construction of Esquire project by December, It is also looking to sell the remaining inventory in the Exquisite project in the next three quarters. The management also expects the Worli project to hit revenue recognition threshold New launches: The company is looking to launch Phase III of Goregaon Project in FY18 New mall on Glaxo land: In Worli, the company is planning a mixed development of 1 msf on Glaxo land, which includes a luxury mall over 0.5 msf & a five star hotel and some residential plots over the remaining area. It is looking to start the operations at mall by and hotel by 2019 Samsung Deal: Samsung India Electronics has leased ~1.1 lakh sq ft space (four additional floors) in Oberoi Commerz II Phase I in Goregaon Demonetisation impact: The management believes that demonetisation has turned out to be a non-event for the company ICICI Securities Ltd Retail Equity Research Page 3
4 Company Analysis Sales volumes to remain under pressure Sales volumes grew 27.7% sequentially to 1.35 lakh sq ft. They were above our estimates of 1.23 lakh sq ft on account of higher-than-expected sales volume of sq ft in Three Sixty West project (our expectation: sq ft) and sales volumes of sq ft in Prisma project (our expectation: 2500 sq ft). Furthermore, sales value was at crore for Q4FY17. For FY17E, sales volumes were at 5.56 lakh sq ft. Going forward, the company would look to launch subsequent phases of Borivali and Mulund projects. Also, in FY18E, it is planning to launch the third phase of the Goregaon project. Consequently, we have built in sales volumes of 1.7 msf in FY19E. Exhibit 1: Sales volume picking up Exhibit 2: Sales volumes to remain under pressure (lakh sq ft) Q4FY Q1FY Q2FY Q3FY Q4FY Q1FY Q2FY Q3FY Q4FY17 (mn sq ft) FY13 FY14 FY15 FY16 FY17E FY18E FY19E Goregaon Andheri/Borivali Worli Mulund Pune Launches in Borivali, Mulund to impact overall realisation ORL s average realisation has been at a higher level mainly due to higher proportion of Oberoi Exquisite and Oberoi Esquire projects. However, going ahead, with higher proportion of sales volume to be derived from its Mulund and Borivali projects, we expect average realisation to come down from current levels. Exhibit 3: Quarterly average realisation trend 25,000 Exhibit 4: Annual realisation trend across projects 30,000 ( per sq ft) 20,000 15,000 10,000 22,003 24,078 24,231 24,231 Goregaon (Exquisite) 20,967 21,305 19,153 19,153 Goregaon (Escquire) 21,512 21,512 21,512 21,512 Andheri 16,715 16,856 16,623 16,450 Overall ( per sq ft) 25,000 20,000 15,000 10,000 Goregaon (Exquisite) Goregaon (Escquire) Mulund Borivali Overall Q1FY17 Q2FY17 Q3FY17 Q4FY17 FY15 FY16 FY17E FY18E FY19E ICICI Securities Ltd Retail Equity Research Page 4
5 Exhibit 5: Ongoing residential projects operational metrics Particulars Q4FY17 Q3FY17 Q2FY17 Q1FY17 Q4FY16 Q3FY16 Area Booked (sq ft) Oberoi Esquire ,035 Oberoi Exquisite ,475 Three Sixty West ,562 Priviera ,700 Prisma ,151 Eternia ,890 Enigma ,140 Sky City ,037 Total 135, , , , ,007 1,023,977 Sales Value ( crore) Oberoi Esquire Oberoi Exquisite Three Sixty West Priviera Prisma Eternia Enigma Sky City Average Realization for the quarter ( /sq ft) Oberoi Esquire 18,113 19,153 31,608 20,967 20,535 22,925 Oberoi Exquisite 23,556 24,231 16,230 22,003 26,105 23,644 Three Sixty West 41,341 45,691 44,024 42,916-41,832 Priviera** ,936 71,532 Prisma 18,012 17,333 17,139 17,238 16,833 18,106 Eternia 15,769 15,817 15,403 16,567 16,228 16,825 Enigma 16,721 17,296 16,576 16,754 16,025 15,098 Sky City 16,421 16,383 16,048 17,172 16,048 16,548 Project Completion (%) Oberoi Esquire Oberoi Exquisite Three Sixty West * * * * * * Priviera Prisma Eternia * * * * * * Enigma * * * * * * Sky City * * * * * * Inventory as on Date (sq ft) Oberoi Exquisite ,145 Three Sixty West ,640,498 Priviera ** ,700 Prisma ,001 Eternia# ,330 Enigma# ,625 Sky City# Note : * Yet to reach threshold # Basis area opened for booking ** Calculated on carpet area ICICI Securities Ltd Retail Equity Research Page 5
6 Rental, hospitality portfolio Icing on the cake ORL also enjoys a strong leasing and profitable hospitality portfolio wherein it has Commerz I & II (Commercial Space), Oberoi Mall (Retail Property) and The Westin Mumbai Garden City (Hospitality). Exhibit 6: Leasing trend In the leasing portfolio, ORL has leased out ~0.9 mn sq feet (~94% of the total available area) in Commerz I and Oberoi Mall. Beside this, ORL has also completed Commerz-II Phase I (0.7 mn sq ft). Recently, it concluded a deal with Teva Pharmaceuticals to lease out ~1 lakh sq ft. Furthermore, media reports indicate that Samsung India Electronics has leased ~1.1 lakh sq ft space in Oberoi Commerz II in Goregaon for ~ 145/sq ft per month. The lease is for nine years with 15% rental escalation every three years. Overall, the lease revenue is expected to grow to crore in FY19E vs. 15 crore in FY16 driven by incremental leasing in Commerz II phase I. Exhibit 7: Leasing revenue trend (mn sq ft) FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E ( crore) FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E Commerz I Commerz II Phase I Oberoi Mall Commerz I Commerz II Phase I Oberoi Mall Exhibit 8: Hotel revenue trend ORL also has The Westin Mumbai Garden City Hotel in Goregaon, which is part of the mixed development in Oberoi Garden City. It is a five star hotel with 269 rooms and is managed by the Westin Group. In FY16, it reported a revenue and EBITDA of crore and 31.9 crore, respectively. In Q4FY17, it reported revenue of 33.9 crore and EBITDA margin of 38.9% with occupancy rate of 85.7%. Going ahead, we expect it to post a topline & bottomline of crore and 43.8 crore, respectively, in FY19E. Exhibit 9: Westin s operating profit trend ( crore) ( crore) FY14 FY15 FY16 FY17 FY18E FY19E (%) FY14 FY15 FY16 FY17 FY18E FY19E EBITDA Margins (RHS) ICICI Securities Ltd Retail Equity Research Page 6
7 Exhibit 10: Operational trend in Oberoi s rental and hospitality portfolio Particulars Q4FY17 Q3FY17 Q2FY17 Q1FY17 Q4FY16 Oberoi Mall (Retail Property) Operating Revenue ( crore) EBITDA margin (%) Occupancy (%) Realisation ( /sqft/month) Commerz I (Commercial Space) Operating Revenue ( crore) EBITDA margin(%) Occupancy (%) Realisation ( /sqft/month) Commerz II Phase I (Commercial Space) Operating Revenue ( crore) EBITDA margin(%) Occupancy (%) Realisation ( /sqft/month) The Westin Mumbai Garden City (Hospitality) Operating Revenue ( crore) EBITDA margin(%) Average Room Rate ( ) Occupancy (%) RevPAR ( ) ICICI Securities Ltd Retail Equity Research Page 7
8 Recognised revenues to grow at 59.6% CAGR over FY17-19E ORL s revenues are expected to grow at a CAGR of 59.6% CAGR during FY17-19E Revenues de-grew 20.9% YoY to crore in FY17 in the absence of any new project hitting revenue recognition threshold and slow sales momentum. Going forward, we expect revenues to grow robustly at 59.6% CAGR in FY17-19E to crore with Mulund projects expected to hit revenue recognition threshold by FY18E end and more revenues expected to get recognised from completed projects such as Oberoi Exquisite. Exhibit 11: Revenues to grow at 59.6% CAGR over FY17-19E CAGR % 2, ,836.6 ( crore) , , FY15 FY16 FY17 FY18E FY19E EBITDA margin to rise marginally ORL s EBITDA margin has dropped significantly in FY16 to 47.7% from ~56.5% in FY15. Going ahead, we expect margins to be in the range of 48-51% given the larger share of residential revenues recognition, which is typically of lower margins than hospitality and leasing. Exhibit 12: EBITDA margin trend (%) FY15 FY16 FY17 FY18E FY19E ICICI Securities Ltd Retail Equity Research Page 8
9 Net profit to grow at 54.2% CAGR during FY17-19E We expect ORL s bottomline to grow at a CAGR of 54.2% during FY17-19E to crore, with Eternia & Enigma projects hitting revenue recognition during this period Overall, we expect ORL s bottomline will grow at a CAGR of 54.2% during FY17-19E to crore, with Eternia, Enigma & SkyCity projects hitting revenue recognition during this period. This would aid the bottomline significantly, going forward. Exhibit 13: PAT to grow at 54.2% CAGR during FY17-19E ( crore) CAGR % FY15 FY16 FY17 FY18E FY19E Return ratio to bounce back in FY19E Given the lower revenue recognition and profitability in FY17, ORL s return ratio dropped to single digit in FY17. However, with better revenues and profitability coming in FY18E & FY19E, we expect ORL s return ratio to bounce to levels of 19.3% RoCE and 14.7% RoE in FY19E. Exhibit 14: Return ratio to bounce back (%) FY15 FY16 FY17E FY18E FY19E RoCE RoNW ICICI Securities Ltd Retail Equity Research Page 9
10 Outlook and Valuation We like the company given the quality of land bank, its healthy balance sheet & management bandwidth to execute large projects. Though sales volumes look strong sequentially, we await a strong pick-up in the sales volumes, going forward. Further, the recent rally in the stock (up ~21% in past three months) leaves no room for upside. Hence, we continue to maintain our HOLD rating on the stock with a revised TP of 385. Exhibit 15: Valuation Location Type Status Saleable Area ( in mn sq ft) NAV NAV Multiple Value ( cr) /share Goregaon , , Oberoi Mall Retail Completed 0.6 1, , Commerz I Commercial Completed Westin Hotel Completed 0.4 1, , Exquisite II Residential Ongoing Commerz II Phase I Commercial Ongoing Exquisite III Residential Planned Commerz II Phase II Commercial Planned 1.7 1, Oberoi International school Social Infrastructure Ongoing 0.3 Education complex Planned Hospital Planned 0.4 Andheri/Khar/Borivali 3.1 3, , Oberoi Maxima Commercial Ongoing Oberoi Prisma Residential Ongoing Oberoi Splendour IT park Commercial Planned Oberoi Splendour school Social Infrastructre Planned Borivali Residential 4.5 3, , Worli 3.4 2, , Oasis Residential Residential Ongoing Oasis Commercial Commercial Ongoing Oasis Mall Retail Ongoing Oasis Hospitality Hospital Ongoing I-Ventures Residential 0.5 1, Mulund 3.2 1, , Eternia Residential Ongoing Enigma Residential Ongoing Pune Sangam city - Residential Residential Planned Sangam city - Commercial Commercial Planned Sangam city - Retail Retail Planned Net cash/ (Debt) Total , , Rounded off Target price 385 Exhibit 16: Valuation Sales Growth EPS Growth PE EV/EBITDA RoNW RoCE ( cr) (%) ( ) (%) (x) (x) (%) (%) FY FY17E FY18E FY19E ICICI Securities Ltd Retail Equity Research Page 10
11 Recommendation History vs. Consensus ( ) (%) 125 Apr-15 Jul-15 Sep-15 Dec-15 Feb-16 May-16 Jul-16 Sep-16 Dec-16 Feb-17 May-17 Price Idirect target Consensus Target Mean % Consensus with BUY Source: Bloomberg, Company, ICICIdirect.com Research Key events Date Jun-15 Jun-15 Aug-15 Oct-15 Mar-16 Mar-16 Apr-16 May-16 Event As per media sources, Oberoi Realty to buy Crompton Greaves Worli building spread over ~1 acre for over 200 crore. Oberoi Realty approves raising of 324 crore through preferential issue of shares to Aranda Investments, an indirect subsidiary of Temasek Holdings As per media sources, Oberoi Realty to buy Crompton Greaves Worli building spread over ~1 acre for over 200 crore. Oberoi Realty launches its multi-tower project Sky City at Borivali spread across 25 acres consisting of multiple towers of up to 60 storeys each. The project has a saleable area of ~4.5 million square feet (msf) and the company expects to earn revenues of ~ crore from the project The Bombay High Court stays new constructions of either residential/commercial buildings or hotels in Mumbai from March 1, 2016 because the state government and Brihanmumbai Municipal Corporation (BMC) have failed to comply with the municipal solid waste (MSW) rules at Deonar and Mulund dumping grounds,due to which Oberoi will be unable to launch projects until the ban is lifted Rajya Sabha passes the real estate regulation bill paving the way for regulation in the real estate sector. The bill would promote timely execution of projects, ensure speedy adjudication of disputes and help promote private participation, positive for Oberoi Swedish furniture retailing giant Ikea in talks with Oberoi Realty to buy a built-to-suit retail space for over 900 crore in Borivali. As per media reports, if the deal happens, this will monetise Oberoi's landbank at better prices of ~ crore per acre vs. Oberoi's acquisition price of ~ 46.2 crore per acre Oberoi allots 59,104 equity Shares of 10 each to certain option grantee(s) pursuant to exercise by them of options granted to them under Company s Employee Stock Option Scheme The exercise price for options is 260/ share. Post allotment, share capital has increased to crore. Aug-16 According to media sources, Oberoi Realty is in talks with US-based investor Morgan Stanley and Singapore s sovereign fund, GIC, to set up a joint venture (JV) for developing malls. The venture would have a corpus of 1,000 crore. Oberoi is expected to hold about 75%. Further, it could also initiate talks with Canada Pension Plan Investment Board, which has shown an interest in buying in malls Sep-16 Teva Pharmaceuticals buys ~1.0 lakh sq ft space in Oberoi Commerz II in Goregaon Mar-17 Samsung India Electronics leases ~1.1 lakh sq ft space in Oberoi Commerz II in Goregaon for ~ 145/ sq ft per month. The lease is for nine years with 15% rental escalation every three years Top 10 Shareholders Rank Name Latest Filing Date % O/S Position (m) Change (m) 1 Oberoi (Vikas Ranvir) 30-Sep % R S Estate Developers Pvt. Ltd. 30-Sep % Aranda Investments (Mauritius) Pte. Ltd. 30-Sep % Franklin Advisers, Inc. 28-Feb % APG Asset Management 30-Sep % OppenheimerFunds, Inc. 30-Sep % BlackRock Asset Management North Asia Limited 30-Sep % FIL Investment Management (Singapore) Ltd. 31-Jan % SSIII Indian Investments Two, Ltd. 30-Sep % The Vanguard Group, Inc. 28-Feb % 2.5 Source: Reuters, ICICIdirect.com Research Shareholding Pattern (in %) Jun-16 Sep-16 Dec-16 Mar-17 Promoter FII DII Others Recent Activity Buys Sells Investor name Value (m) Shares (m) Investor name Value (m) Shares (m) TT International J.P. Morgan Asset Management (Hong Kong) Ltd Franklin Advisers, Inc Alpine Woods Capital Investors, LLC Templeton Investment Counsel, L.L.C Stewart Investors Amundi Asset Management Skagen AS BlackRock Investment Management, LLC UTI International (Singapore) Pvt. Ltd Source: Reuters, ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research Page 11
12 Financial summary Profit and loss statement ( Crore) (Year-end March) FY16 FY17 FY18E FY19E Net Sales 1, , , ,829.2 Other Operating Income Total Operating Income 1, , , ,836.6 Growth (%) Operating Costs , ,323.8 Employee Expenses Other Expenses Total Operating Expenditure , ,441.2 EBITDA , ,388.0 Growth (%) Depreciation Interest Other Income PBT , ,344.4 Prior Period Adjustments Total Tax PAT before profit from associates Minoriy Interest Profit from associates PAT EPS ( ) Cash flow statement ( Crore) (Year-end March) FY16 FY17E FY18E FY19E Profit after Tax Depreciation Interest Others Net Increase in Current Assets Net Increase in Current Liabilities Net cf from operating activities (Purchase)/Sale of Fixed Assets Others Net cf from Investing Activities Inc / (Dec) in Equity Capital Inc / (Dec) in Loan Funds (Payment) of Dividend & Div. Tax Interest paid Net cf from Financing Activities Net Cash flow Opening Cash/Cash Equivalent ,557.1 Closing Cash/ Cash Equivalent , ,580.8 Balance sheet ( Crore) (Year-end March) FY16 FY17E FY18E FY19E Equity Capital Preference Capital Reserve and Surplus 4, , , ,746.0 Total Shareholders funds 5, , , ,085.4 Total Debt Deferred Tax Liability Total Liabilities 5, , , ,099.7 Assets Gross Block 1, , , ,260.5 Less Accumulated Depreciation Net Block Capital WIP Total Fixed Assets 1, , Goodwill on consolidation Investments Inventory 3, , , ,937.9 Debtors Loans and Advances 1, , , ,121.9 Cash , ,580.8 Other Current Assets Total Current Assets 6, , , ,839.0 Creditors 1, , , ,191.5 Provisions Net Current Assets 4, , , ,643.1 Deferred Tax Assets Total Assets 5, , , ,099.7 Key ratios (Year-end March) FY16 FY17E FY18E FY19E Per share data ( ) EPS Cash EPS BV Operating profit per share Cash Per Share Operating Ratios (%) EBITDA Margin PBT / Net Sales PAT Margin Inventory days 1,025 1, Debtor days Creditor days Return Ratios (%) RoE RoCE RoIC Valuation Ratios (x) P/E EV / EBITDA EV / Net Sales Market Cap / Sales Price to Book Value Solvency Ratios (x) Debt / EBITDA Debt / Equity Current Ratio Quick Ratio ICICI Securities Ltd Retail Equity Research Page 12
13 ICICIdirect.com coverage universe (Real Estate) CMP M Cap EPS ( ) P/E (x) EV/EBITDA (x) P/B (x) RoE (%) Sector / Company ( ) TP( ) Rating ( Cr) FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E Oberoi Realty (OBEREA) Hold 13, Sobha (SOBDEV) Hold 4, ICICI Securities Ltd Retail Equity Research Page 13
14 RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction; Buy: >10%/15% for large caps/midcaps, respectively; Hold: Up to +/-10%; Sell: -10% or more; Pankaj Pandey Head Research pankaj.pandey@icicisecurities.com ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC, Andheri (East) Mumbai research@icicidirect.com ICICI Securities Ltd Retail Equity Research Page 14
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ICICI Securities Ltd Retail Equity Research Page 15
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Company Update Rating matrix Rating Buy Target 4900 Target Period 12 months Potential Upside 12% What s Changed? Target Changed from 3620 to 4900 EPS FY17E Changed from 146.2 to 150.3 EPS FY18E Changed
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Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore FY14 FY15 FY16 FY17 Net Sales 1,117 1,143 1,255 1,300 EBITDA 51 59 89 100 Net
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Event update Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Stock Data Particular Amount Market Capitalization ( crore) 7,968 Net Debt (CY16) ( crore) (640.6) Net Worth
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Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials ( Crore) Net Sales 4,018.4 5,324.8 6,361.3 7,330.2 EBITDA 481.8 587.7 730.2 731.5
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Company Update Rating matrix Rating Buy Target 718 Target Period 12 months Potential Upside 31% Key Financials crore FY16E FY17E FY18E FY19E Revenues 9998 16776 18727 21501 PBT 1733 1459 1974 2560 Adjusted
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Analyst Meet Note December 13, 217 Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials ( Crore) FY14 FY15 FY16 FY17 Net Sales 53.1 582.6 621.5 584.1 EBITDA
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Event Update Rating matrix Rating : Buy Target : 1920 Target Period : 12 months Potential Upside : 12% What s Changed? Target EPS FY18E EPS FY19E Rating Price chart October 16, 2017 IndusInd Bank (INDBA)
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Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore Revenues 118.9 155.9 196.9 243.4 285. 239.4 EBITDA.6 7.9 6.4 8.6 8.2 8. Net
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Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore Net Sales 2.2 139.7 157.9 182.6 EBITDA 9.8 12.6 15.3 19.7 Net Profit 3.3 3.2
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Event Update Rating matrix Rating : Buy Target : 466 Target Period : 12 months Potential Upside : 41% Key Financials (Consolidated) crore FY10 FY11 FY12E FY13E Revenues 6141 5499 6452 7129 PBT 592 287.3
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Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials ( Crore) Net Sales 527.5 959.5 1,045.3 910.0 EBITDA 19.8 115.1 184.1 156.6 Net Profit
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Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials ( Crore) FY12 FY13 FY14 FY15 Net Sales 317.4 38.5 469.6 6.3 EBITDA 53.3 69.1 93.2
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[ [ Company Update Rating matrix Rating : Buy Target : 390 Target Period : 12 months Potential Upside : 16% Valuation summary (merged bank) FY18E FY19E P/E 31.6 20.5 Target P/E 36.7 23.9 P/ABV 2.2 2.0
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[ Jun-16 Aug-16 Oct-16 Nov-16 Jan-17 Mar-17 Apr-17 Jun-17 Management Meet Note Rating matrix Rating : Buy Target : 200 Target Period : 12 months Potential Upside : 28% What s changed? Target Unchanged
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Offer for Sale Note View Rating: Unrated Issue Details Auction Date Issue Size No of Shares on offer Fresh Issue *Based on offer price on 25 July 2015 July 27, 2015 1676 crore* 6.6 crore Nil Shareholding
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Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key financials Crore Net Sales 16.8 186. 177.5 186.5 EBITDA 19.9 12.6 17.4 1.5 Net Profit 1. 9.3
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Result Update Rating matrix Rating Buy Target 173 Target Period 12 months Potential Upside 21% January 29, 216 Power Grid Corporation (POWGRI) 132 Robust numbers on highest ever capitalisation What s Changed?
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