Motilal Oswal's research report on Macrotech Developers
Macrotech Developers (MDL)’s FY22 Annual Report highlights: a) the management target of 20% pre-sales CAGR in the medium term along with consistent improvement in RoE, b) accelerated deleveraging of balance sheet that is likely to reach 1x Net Debt/OCF in FY23 and c) active risk mitigation strategies to minimize the adverse impact of macroeconomic challenges.
At CMP, the stock trades at 1.0x P/NAV indicating limited premium for growth that the company will achieve beyond FY23E. Maintain BUY with an unchanged SoTP-based TP of INR1,570.
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