{"id":8221,"date":"2015-09-19T10:54:40","date_gmt":"2015-09-19T05:24:40","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=8221"},"modified":"2015-09-19T10:54:40","modified_gmt":"2015-09-19T05:24:40","slug":"dlf-ltd","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/equities\/dlf-ltd\/8221","title":{"rendered":"DLF Ltd."},"content":{"rendered":"<p style=\"text-align: justify;\">DLF Ltd (DLF) is a real estate company based in India. The company is a leading\u00a0player in this industry in terms of revenues, market capitalization and\u00a0developable area. Currently it has 288 msf of planned projects with 44 msf of\u00a0projects under construction. The primary business of the company is\u00a0development of residential, commercial and retail properties. It has a unique\u00a0business model with earnings from development and rentals. At present, DLF has presence across 15 states and 24 cities in India. It has also forayed into\u00a0infrastructure, SEZ and hotel businesses.<\/p>\n<p style=\"text-align: justify;\"><strong>Valuation and view<\/strong><\/p>\n<p style=\"text-align: justify;\">Over a last few years, DLF\u2019s performance has been impacted by\u00a0the continued weakness in the residential segment across\u00a0different cities. Albeit, lower sales volumes, worsening balance\u00a0sheet, with increasing debt and consistently negative\u00a0operational cash flows continue to be the biggest concern but\u00a0the company\u2019s persistent efforts to bring down its debt is\u00a0expected to fructify in the near term to certain extent.<\/p>\n<p style=\"text-align: justify;\">We expect its revenue and PAT to report a CAGR of 10% by\u00a0FY17E. Its RoE and RoCE are expected to show marginal\u00a0improvement and remain at 2.6% and 6.1%.<\/p>\n<p style=\"text-align: justify;\">At the current market price of Rs. 124, the stock trades at a P\/E\u00a0of 35.2x and 28.2x for FY16E and FY17E respectively. We assign\u00a0a forward P\/E of 35x and recommend \u2018BUY\u2019 on the stock with a\u00a0target potential of 20%, from 12 months perspective.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2015\/09\/Research-Report-DLF-Ltd.pdf\">Research Report DLF Ltd<\/a><\/p>\n<p style=\"text-align: justify;\"><i>Investments in equity shares, debentures, etc., are not obligations of, or guaranteed by Wealth India Financial Services Pvt. Ltd., and are subject to investment risks.\u00a0<a href=\"http:\/\/pages.fundsindia.com\/pages\/disclaimer-equities\/\">Click here<\/a>\u00a0to read our full disclaimer.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DLF Ltd (DLF) is a real estate company based in India. The company is a leading\u00a0player in this industry in terms of revenues, market capitalization and\u00a0developable area. Currently it has 288 msf of planned projects with 44 msf of\u00a0projects under construction. The primary business of the company is\u00a0development of residential, commercial and retail properties. It [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DLF Ltd.<\/title>\n<meta name=\"description\" content=\"Find the latest research report on DLF Ltd. On FundsIndia MarketPlace.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/dlf-ltd\/8221\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DLF Ltd.\" \/>\n<meta property=\"og:description\" content=\"Find the latest research report on DLF Ltd. 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