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Peninsula Land an outperformer: Prabhudas Lilladher
Prabhudas Lilladher has rated Peninsula Land as an outperformer with a target price of Rs 129. The company is currently working on five projects in Mumbai, totalling approximately four million sq.ft. These five projects are likely to generate a PBT of Rs 22-24 billion over the next 24 months.
Prabhudas Lilladher has rated Peninsula Land as an outperformer with a target price of Rs 129 in its May 28, 2008 research report. "Peninsula Land (PLL), a Mumbai focused development company, is now diversifying to other cities in southern & western India. The company is currently working on five projects in Mumbai, totalling approximately four million sq.ft. These five projects are likely to generate a PBT of Rs 22-24 billion over the next 24 months."
"The company's PAT is expected to grow at 123% CAGR over the next two years. Our estimate of the company's NAV excluding the SEZs, which have not been notified as well as the newly acquired land at Hyderabad, stands at Rs 101 and we attribute a value of Rs 28 to the realty fund. Our target price thereby stands at Rs 129. We rate the stock Outperformer," says Lilladher's research report.
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