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Sell DLF, target of Rs 151: Karvy Stock Broking
Posted on: May 5th, 2009 and is filed under Brokerage Recommendations.
Karvy Stock Broking has recommended a sell rating on DLF with a target price of Rs 151 in its May 4, 2009 research report.
“We expect DLF’s sales to decline by 56% in FY10e. The EBITDA margins are expected to contract by 2200 bps in FY10e as compared to FY09. Our estimated FY 10 NPV (Net Present Value) comes to Rs 188 per share based on a DCF valuation of the expected free cash flows to the company in the next 12 years. We rate the stock as a ‘SELL’ with a price target of Rs 151 which is at a 20% discount to our estimated NPV and 1.4x our estimated NAV of undeveloped land bank,” says Karvy’s research report.
Tags: brokerage recommendation, DLF, Karvy Stock Broking, sell rating
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