Indiabulls Real Estate can move to Rs 110: Tulsian
May 28, 2013
Source : The Financial Express

SP Tulsian,said "By and large, I am keeping a positive view on all the real estate stocks whether you talk of the Indiabulls Real Estate  or Prestige Estate  , Anant Raj  . Maybe because Indiabulls Real Estate has a good presence in Mumbai, the three pockets - National Capital Region (NCR), Bangalore and Mumbai are really doing quite well."

He further added, "If you really go by the land portfolio of Indiabulls Real Estate, they have been acquiring the lands in Metro from the government institutions like National Textile Corporation (NTC). Also, they have a good presence in tier 1 cities also. That means they have clean land in their possession. They have demonstrated the execution capability also by developing many of the mills which they have acquired."

 

"Now if you really go by the financial performance, for FY13 the topline of Rs 1,300 crore, EBITDA of about Rs 450 crore with earnings per share (EPS) of close to Rs 3.75. We have been seeing company posting good Q4 numbers and then thereafter we have been seeing the buying coming into the stock for maybe last one week or so. This buying momentum is likely to continue. Things are very much in place."

 

"As I said, in one of their recent property in Central Mumbai, they have sold the residential premises under 20:80 scheme which is really fast catching up with all the developers. So taking all this into consideration, I find this stock quite interesting because since almost 75 percent of the project has been sold and the construction is really going on very well in that 40 storey project, 10 storey have been completed. So the revenue booking will also start in the next two quarters or so. So, considering the debt situation, considering the execution capability and the land stock the company is holding, stock looks to have a good upside potential and can move to a level of Rs 110 in 12 months or so."

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