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Mahindra Lifespaces Developers Research Report - 16th Dec 2015

Real Estate | Published on May 16th 2012

IT

Mahindra Lifespaces Developers (MLIFE) is a mid and premium housing developer catering to strong demand in tier-1 cities and small metros in the country. Apart from real estate development, MLIFE also operates two integrated business cities – Mahindra World City (MWC) Chennai and Jaipur [special economic zones (SEZ) and domestic tariff area (DTA)]. MLIFEs strong balance sheet (FY2013E D/E ratio – 0.24x), good corporate governance, diversified land bank and solid brand name sets it apart from many of its peers. We also prefer MLIFEs high turnover real estate business model, which is more focused on development rather than land bank accumulation. We Initiate Coverage on the stock with a Buy recommendation.

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CMP 312
Target Price 376
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)1,437.96
MCAP NSE (Rs in Cr)1,446.58
P/E (x)13.57
EPS (Rs.)25.82
BV (Rs.)358.34
Div Yield (%)1.71
FV (Rs.)10.00
P/BV (x)0.83
EV/Sales (x)3.82
EV/EBITDA (x)18.97

Shareholding Pattern (%)

Promoter51.0
Foreign27.0
Public & Others14.0
Corporate7.0
Institution1.0
Grand Total100.0

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