Buy Puravankara, tgt Rs 360: Karvy

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Buy Puravankara, tgt Rs 360: Karvy

Karvy initiate coverage on Puravankara with a BUY giving a 12-month price target of Rs 367 based at a 15% discount to our FY10 NPV (Net Present Value) of Rs 432 per share and 1.7x our estimated NAV (Net Asset Value of raw undeveloped land bank) of Rs 217 / share" says karvy report.

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Karvy Stock Broking firm has maintained buy rating on Puravankara Projects with target price of Rs 367 in its April 22, 2008 report. "Puravankara Projects is one of the leading real estate developers in southern India. The company has over 30 years of experience in real estate and construction and is present in 6 major south Indian cities namely, Bangalore, Chennai, Kochi, Coimbatore, Hyderabad and Mysore. It has 18.8 mn sq ft of projects under construction with a total developable area of 124.8 million sq ft. Puravankara is among few real estate developers in India with a focus on state of art technology right from construction to marketing of the projects. We believe that this will help the company in minimizing its costs, increasing efficiency and maintaining healthy EBIDTA margins of over 43% in the next 3 years. We believe the company's high quality land bank and ability to monetize its assets will provide significant triggers for re-rating. We initiate coverage on Puravankara with a BUY giving a 12-month price target of Rs 367 based at a 15% discount to our FY10 NPV (Net Present Value) of Rs 432 per share and 1.7x our estimated NAV (Net Asset Value of raw undeveloped land bank) of Rs 217 / share" says Karvy report. 

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