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Last Updated : Aug 20, 2019 03:29 PM IST | Source: Moneycontrol.com

Buy Brigade Enterprises; target of Rs 330: ICICI Direct

ICICI Direct is bullish on Brigade Enterprises has recommended buy rating on the stock with a target price of Rs 330 in its research report dated August 19, 2019.

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ICICI Direct's research report on Brigade Enterprises


Brigade Enterprises (BEL) achieved highest ever quarterly sales volume at 1.13 msf (1.6x YoY growth) in Q1FY20. Pre-sales grew 1.7x YoY to Rs 593.3 crore. On the leasing front, BEL leased 0.77 msf of new office space in Q1FY20, which is estimated to yield rentals worth Rs 66.0 crore. On the financial front, revenues grew 1.4% YoY to Rs 708.7 crore. EBITDA margins were flattish YoY at 25.7%. PAT de-grew 34.7% YoY to Rs 41.2 crore in Q1FY20 on account of higher interest expense and higher tax rate.


Outlook


Considering a sharp ramp up in its leasing portfolio and in sales momentum in the residential business, we believe BEL’s current valuation is attractive (1.6x FY20E P/BV). Hence, we maintain our BUY recommendation on the stock with an SoTP-based target price of Rs 330/share.

For all recommendations report, click here

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First Published on Aug 20, 2019 03:29 pm
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