Beruflich Dokumente
Kultur Dokumente
DLF
Performance Highlights
Y/E March (` cr) Net sales EBITDA OPM margin (%) PAT 3QFY13 1,310 87 6.6 285 2QFY13 2,040 746 36.6 139 % chg (qoq) (35.8) (88.3) (2,995)bp 105.6 3QFY12 2,034 823 40.4 237 % chg (yoy) (35.6) (89.4) (3,380)bp 20.2
ACCUMULATE
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code
`270 `288
12 months
Real Estate 45,864 21,350 1.5 279/170 832,701 2 19,636 5,940 DLF.BO DLFU@IN
For 3QFY2013, DLF reported a disappointing set of numbers, both on the revenue and profitability front. On the top-line front, its revenue declined by 35.6% yoy to `1,310cr which was below consensus estimate of `2,040cr. EBIDTAM came in at 6.6% for the quarter which was significantly lower than the street estimate of 36.6%. This was mainly on back of (a) nil revenue booking from its recently launched project Skycourt, (b) provision for loss on non-core assets and (c) cost adjustment on account of inflationary pressure not provided for in earlier quarters. However, owing to surge in other income, mainly due to asset sale, the company reported a PAT of `285cr for the quarter, indicating a growth of 20.2% yoy. We recommend an Accumulate rating on the stock. Operating performance remains weak: Sales booking was recorded at 2.27mn sqft, up from 1.59mn sqft in the sequential previous quarter, mainly due to new launches, ie 1.24mn sqft in Gurgaon, 0.57mn sqft in Chandigarh and 1.1mn sqft in Bangalore during the quarter. On the leasing front, the company leased out an area of 0.69mn sqft in 3QFY2013, registering a growth of 35.3% qoq. Outlook and Valuation: The company has been able to reduce its net debt level owing to monetization of its non-core assets. Going forward, on the back of new launches, we expect sales volume of 10.2mn sqft and 11.7mn sqft for FY2013 and FY2014 respectively. In the short term, we continue to remain positive on the companys near-term plans of debt reduction. Further with the high value of new project launches and monetization of non-core assets, we expect improvement in cash flow going forward. We recommend an Accumulate rating on the stock with a target price of `288.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 78.6 0.5 16.0 5.0
3m 6.3 28.6
FY2011 9,561 28.8 1,541 (14.5) 39.3 9.7 28.0 1.9 3.8 6.0 6.5 16.6
FY2012 9,629 0.7 1,178 (23.5) 40.5 7.1 38.2 1.8 3.0 6.4 6.5 16.1
FY2013E 7,953 (17.4) 808 (31.4) 34.6 4.4 61.8 1.8 (0.7) 3.9 6.6 14.8
FY2014E 9,699 22.0 1,013 25.3 37.0 6.0 45.2 1.7 2.0 5.8 5.4 11.8
Viral Shah
022-39357800 Ext: 6842 viralk.shah@angelbroking.com
3QFY13 1,310 87 6.6 581 248 981 240 (8) 3.5 248 0 37 285 21.7 1.7
2QFY13 2,040 746 36.6 522 184 117 158 39 (25.0) 118 0 20 139 6.8 0.8
% chg (qoq) (35.8) (88.3) (2,995)bp 11.2 34.9 736.4 52.0 (121.3) (114.0) 109.8
3QFY12 2,034 823 40.4 620 180 362 385 135 (35.2) 249 0 (13)
% chg (yoy) (35.6) (89.4) (3,380)bp (6.3) 37.9 171.3 (37.8) (106.2) (0.6)
9MFY2013 5,547 1,900 34.3 1,726 610 1,230 794 145 (18.2) 649 0 67
9MFY2012 % chg (yoy) 7,013 3,107 44.3 1,643 525 464 1,403 411 (29.3) 992 0 (3) 989 14.1 5.8 (27.6) (120)bp (27.6) (34.5) (20.9) (38.8) (1,004)bp 5.1 16.2 165.1 (43.4) (64.8)
0.66
0.64
823
798
Investment argument
Outlook looks positive going ahead
DLF is planning to bring down its debt to `11,000cr over the next three years through improvement in cash flow, monetization of assets and equity infusion. As per the Management, the company expects normalized EBITDA of `8,250cr per annum from FY2016 onwards owing to (a) new rental assets, (b) renegotiations in existing rental assets and (v) launches of high value residential projects. Further, to boost its rental asset sales, the company is adding significant value in the ecosystem by providing enhanced connectivity, safety & security initiatives and sustainability efforts.
Company Background
DLF is India's largest real estate developer with over 60 years of experience in the industry. The company is mainly involved in the development of residential, commercial and retail properties. DLF has a unique business model with earnings arising from development and rentals. The company has also forayed into infrastructure, SEZ and hotel businesses. The company has 338msf of planned projects with 48msf of projects under construction.
Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Current Assets Cash Loans & Advances Other Current liabilities & Provisions Net Current Assets Mis. Exp. not written off Total Assets
FY2009 FY2010E FY2011 FY2012 FY2013E FY2014E 339 1,396 22,418 22,758 634 16,320 (41) 41,066 8,487 574 7,912 5,688 2,265 1,402 31,622 1,196 9,712 20,715 7,824 23,798 41,066 339 5,920 339 1,810 339 1,810 339 1,810 25,828 26,167 421 19,444 (335) 47,508 21,613 3,437 18,176 9,088 1,625 1,127 28,538 1,588 5,523 21,428 11,045 17,493 47,508 339 1,810 26,841 27,181 421 16,235 (335) 45,311 22,001 4,328 17,673 9,720 1,625 1,127 28,099 1,427 5,388 21,284 12,932 15,167 45,311
24,173 24,182 25,086 24,513 24,522 25,426 628 251 575 (163) 421 (335) 21,677 24,094 22,545 52,989 50,838 49,866 17,884 19,828 21,295 1,326 1,956 2,581 8,993 1,625 1,127 1,506 5,174 16,558 17,872 18,714 11,129 10,234 1,268 5,505 928 7,593 8,777 1,384 996 1,322 4,166
18,784 24,680 25,916 9,816 13,188 18,529 20,352 19,408 52,989 50,838 49,866
(3,828) (14,838)
(3,925) (18,513)
Key Ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) Working cap cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage 0.7 2.7 9.6 0.8 5.9 2.9 0.9 6.1 1.8 0.8 5.4 1.4 0.7 6.5 0.9 0.5 4.1 1.3 1.5 371 75 154 723 0.6 576 93 216 988 0.5 525 61 263 699 0.5 592 63 408 700 0.4 675 76 522 776 0.4 503 62 423 558 14.6 19.5 21.8 6.8 8.9 7.6 6.0 8.1 6.3 6.4 8.5 4.7 3.9 5.2 3.1 5.8 8.0 3.8 53.3 87.0 0.3 13.3 3.4 0.6 19.2 42.9 72.0 0.2 5.0 4.2 0.8 5.6 32.7 77.0 0.2 4.7 5.7 0.9 3.8 33.4 76.1 0.2 5.0 7.3 0.9 3.0 23.9 78.0 0.2 3.1 8.3 0.8 (0.7) 27.8 76.0 0.2 4.6 8.7 0.6 2.0 26.3 26.3 28.0 2.2 134.1 10.1 10.1 12.5 2.5 144.4 9.7 9.7 12.8 4.7 144.5 7.1 7.1 11.0 149.8 4.4 4.4 9.8 154.2 6.0 6.0 11.2 160.1 10.3 9.6 2.0 0.8 5.5 9.8 1.3 26.6 21.5 1.9 0.9 8.1 17.2 1.1 28.0 21.1 1.9 1.7 6.5 16.6 1.2 38.2 24.5 1.8 6.5 16.1 1.2 61.8 27.5 1.8 6.6 14.8 1.2 45.2 24.1 1.7 5.4 11.8 1.2 FY2009 FY2010E FY2011 FY2012 FY2013E FY2014E
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Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
DLF No No No No
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) :
10