BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Macrotech Developers Ltd. reported a headline loss of Rs 9.3 billion on account of write off in UK investments amounting to Rs 11.7 billion.
We note that Macrotech Developers now expects Rs 10 billion (versus Rs 15 billion) in pending repatriation from UK assets over next 12-15 months.
New disclosure of embedded Ebitda margin on presales is a welcome move; indicating the true profitability and free cash flow potential of current operations.
This underpins our blended valuation approach whereby we arrive at our target net asset value for residential business basis average of multiple (enterprise value / Ebitda basis embedded economic profitability of presales) and NAV premium methodology.
Operationally, the quarter delivered on most accounts with presales increasing 12% QoQ / up 57% YoY at Rs 31.5 billion. New joint development arrangement formation remains on track with H1 FY23 signings at Rs 93 billion (FY23 target of Rs 150 billion).
Click on the attachment to read the full report:
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.