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Brokerage sees 18% upside in Brigade Enterprises, do you own it?


On the basis of a robust residential pipeline, healthy cash flows, and a revitalized hospitality segment, brokerage Geojit initiated coverage on real estate player Brigade Enterprise.

On the stock, the brokerage has issued “Deposit” calls. on a solid launch pipeline, strong operating cashflow, and a recovery in hospitality assets. has set a target price of 537, an upside of almost 18%.

According to Geojit’s note, Brigade Enterprise had pre-sales of Rs 2,618.5 crore in 9MFY23, an increase of 31% year-over-year.

“In 9MFY23, Brigade saw pre-sales of Rs 2,618.5 crore rise 31% year over year. In 9MFY22, the sold area increased to 3.96 msf and the collection reached Rs. 2,833 crores +34 percent YoY) in the same time frame. With a healthy pipeline, we anticipate that momentum will continue. Revenue from hospitality increased by 61% YoY to Rs. 101 crore for Q3FY23. EBITDA expanded 21.1 crore (+17.9% YoY). According to the brokerage’s report, “the average revenue per room (ARR) grew by 58% YoY in Q3 FY23 while occupancy grew by 14%.”

“Based on a strong residential pipeline (9 million square feet), healthy cash flows, and a revitalizing hospitality segment, we have a positive outlook on Brigade. In any case, increasing home loan rates can be a headwind as long as possible. As a result, we assign the stock an accumulated rating and a target price of Rs. Based on SOTP evaluation, 537,” it continued.

The brokerage estimated that the lease income would reach Rs 1,100 crore. by FY25, Rs 560 billion (in 9MFY23). The rent region under activity will increment from 7.18 to 10 msf over a similar period. Chennai and Bengaluru are home to the most sought-after leased properties.

“Given a sound send off pipeline, recuperation in neighborliness resources and solid working sources of income, we have a positive view on the stock. However, the customers’ feelings may be affected by the increased interest rate. As a result, we assign the stock an accumulated rating and a target price of Rs. Based on SOTP evaluation, 537,” it continued.

The organization’s stock shut somewhere around 2.59% on Tuesday. 453.30 on BSE. The stock has lost 10.38 percent in a single year and 2.25 percent in 2023.


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