Result Update

OBEROI REALTY Q4FY19 RESULT UPDATE


At CMP of Rs 534, ORL is trading at FY20E and FY21E, P/E multiples of 19.9x and 16.6x respectively. After factoring in Q4FY19 results, we have revised our FY20E and FY21E estimates slightly upwards. We have valued Oberoi Realty using DCF method, wherein we have calculated value of its ongoing and forthcoming projects, pending value from completed development projects and completed annuity projects. We have discounted the company’s cash flows at WACC of 12.3% (11.4% earlier) till FY25E and calculated its terminal value beyond that assuming terminal growth rate of 2% (3% earlier). Our DCF method now yields a NAV of Rs 568/share for ORL. We remain positive on ORL and recommend a Hold rating on the stock with a revised TP of Rs 568.

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