Buy Mid Cap Real Estate Stock As Shares Can Soar 46%: HDFC Securities

HDFC Securities has assigned buy call to mid-cap Real Estate sector stock, Prestige Estates Projects Ltd with a target price of Rs 617 apiece. Current market price of the stock is Rs 432.20 apiece with intraday rally of 2.97%. If you buy Prestige Estates Projects now, you can gain 46% return soon. Check details below:

1. Prestige Estates Projects Stock Performance & Return

The current market price of Prestige Estates Projects is Rs 432.20 apiece. The stock's 52-week high is Rs 526.60 apiece and 52-week low is Rs 375.00 apiece, respectively.

The company has a market capitalisation of Rs 17,325.24 crore.

The stock fell 8% in last 3-months, and 3% in last 1-year. It gave a return of 19% in last 3-years and 33% in last 5-years.

2. Valuation

According to HDFC Securities, "Prestige Estates (PEPL) registered Q3FY23 presales of INR 25.2bn (-41%/-28% YoY/QoQ), below our estimate of INR 31bn. We have tweaked our estimates to factor in higher interest and depreciation. We maintain BUY, with an unchanged SOTP-based TP of INR 630/sh."

3. About Prestige Estates Projects

Prestige Estates Projects Ltd is a renowned real estate development company with projects in residential office retail and hospitality segment. Its operations are spread across South India Pune Goa and Ahmedabad.

The company has completed more than 250 real estate projects of over 151 million sq. ft. It has developed a diversified portfolio of real estate development projects.

Disclaimer

The stock has been picked from the brokerage report of HDFC Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.