Prestige Estates Projects - IPO note

IPO Note | Real Estate
October 12, 2010

Prestige Estates Projects AVOID
Issue Open: October 12, 2010
Rationale for our view Issue Close: October 14, 2010
Land bank located in IT/ITES-centric regions: Prestige Estates Projects Ltd. (PEPL) is
Issue Details
mainly present in Bangalore, which accounts for 73% of its current land bank.
PEPL is in the process of geographically diversifying and expanding its real estate Face value: Rs10

development business into other cities of southern India, including Chennai, Present eq. paid-up capital: Rs262.5cr
Cochin, Hyderabad, Mysore and Mangalore. We believe PEPL will benefit from
Offer size*: 6.6-7.0cr shares
the recovery in the IT/ITES sector, with increased job security and salaries leading
to higher housing demand in the southern region. Post eq. paid-up capital*: Rs328-Rs332cr

Proven execution and diversified portfolio: PEPL has a successful track record of Issue size (amount): Rs1,200cr
execution. The company has completed 11.5mn sq. ft. of residential, 7.4mn sq. ft. Price band: Rs172-183
of commercial and 1mn sq. ft. of retail and hospitality projects since the last five
Promoters holding pre-issue: 100.0%
years. The company is a strong brand in Bangalore, which offers premium pricing
to its projects. Going forward, PEPL has a diversified portfolio of real estate Promoters holding post-issue*: 79.0-80.0%
Note:*At the lower & upper price band, respectively
development, which includes 28mn sq. ft. of saleable area and 11mn sq. ft. of
leasable area. Further, the company has entered into property management
services and has acquired a construction company, which ensures smooth
Book Building
execution of projects.
QIBs At least 60%
Stretched balance sheet: As on June 10, 2010, PEPL had total debt of ~Rs20bn,
implying gross debt/equity of 2.6x. Post proceeds from the IPO, the company’s Non-Institutional At least 10%

debt/equity will be 1x. The high debt is attributable to the company’s decent Retail At least 30%
amount of exposure towards the non-residential segment (50% of its land bank),
where cash inflow is back-ended. Further, the company largely focuses on the
Post Issue Shareholding Pattern
joint development model, which gives limited scope of improvement in margins.
Promoters Group* 79.0
Premium to peers and our one-year forward NAV: We have assumed an
MF/Banks/Indian
eight-year development period based on PEPL’s existing land bank. We have
FIs/FIIs/Public & Others 21.0
assumed average realisation of Rs6,000/sq. ft. on PEPL’s saleable interest based Note: *At the lower band of the issue price
on its geographical presence, which gives us a fair NAV of Rs164/share. At the
lower band of the issue, PEPL will trade at 2.5x FY2012E P/BV and 4% premium
to our one-year forward NAV, which is at a premium to its peers. Thus,
we recommend Avoid to the issue.

Objects of the issue: PEPL intends to use Rs622cr of the net issue proceeds
towards the construction and development of three residential, two commercial
and two retail projects, either directly or through subsidiaries. PEPL has also
earmarked Rs21cr for acquiring land in Goa and Bangalore. Further, PEPL
intends to repay Rs280cr of loans taken from various financial institutions.

Objects of the issue
Particulars (Rs cr)
Finance ongoing and under-development projects 429 Param Desai
+91 22 4040 3800 Ext: 310
Invest in existing subsidiaries for the construction & devpt. of projects 193
Email: paramv.desai@angeltrade.com
Finance acquisition of land 21
Repayment of loans 280 Mihir Salot
General corporate purpose 277 +91 22 4040 3800 Ext: 307
Total 1,200 Email: mihirr.salot@angeltrade.com
Source: Company RHP, Angel Research

Please refer to important disclosures at the end of this report 1

Prestige Estates Projects | IPO Note

Company background

Strong brand name and client base

Formerly known as Prestige Estates and Properties, PEPL began operations in 1986
as a partnership firm. Over time, the company has established a reputable brand
name in South India’s real estate market due to the distinctive design, planning,
high-quality execution and prompt delivery of its projects, in conjunction with a
customer-focused sales and marketing capability.

PEPL currently holds the CRISIL DA2 rating. In 2005, the company was also
awarded the Best Real Estate Developer in India Award by Euromoney.

Over the past 24 years, the company has emerged as one of the leading real
estate development companies with presence in Bangalore, Chennai, Cochin,
Hyderabad, Mangalore, Mysore and Panaji, among others. The company has a
proven track record across business areas such as land identification and
acquisition, development, design, project management, sales and marketing,
interiors and the provision of property services. PEPL boasts of a diversified
portfolio across the spectrum of premium to affordable products in the residential
(apartments, villas, plotted developments and integrated townships), commercial
(corporate office blocks, built-to-suit facilities, technology parks and campuses and
SEZs), hospitality (hotels, resorts and serviced apartments) and retail (shopping
malls) segments of the real estate industry. The company was recently awarded a
certificate of merit for being one of ‘India’s Top 10 Builders’ at the
Construction World Architect & Builder Awards 2010.

Exhibit 1: PEPL – Key historical events


October 12, 2010 2


Proven execution skills

Since 1986, PEPL has completed 150 projects of approximately 34.2mn sq. ft.
developable area. As of August 2010, the company owned/held development
rights for 57.4mn sq. ft. area, translating into 28.4mn sq. ft. of saleable area and
11.0mn sq. ft. of leasable area. PEPL has a significant exposure to residential
projects, with 26.0mn sq. ft. (~45%) of the total developable area coming from
the segment, while the commercial segment accounts for 22.4mn sq. ft. (~39%).
Moreover, the company has substantial exposure to the Bangalore market, with
nearly 41.9mn sq. ft. (~73%) of the developable area spread in and around the
city and nearly 8.0mn sq. ft. (~14%) to be developed in Chennai.

Exhibit 2: Project details

25
21.7
20 18.3

15
(msf)

10.9
10.6
9.8
10
5.3
5 3.4
1.4 1.7 2.0 2.4
0.6 1.3 1.1 1.2
0.0
0
Completed Projects Ongoing Projects Projects Under Forthcoming Projects
Development

Residential Commercial Hospitality Retail


Exhibit 3: Segment-wise developable area break-up Exhibit 4: Geography-wise developable area break-up
Hyderabad Mysore Mangalore
Cochin 4% 3% 1%
Hospitality
5%
4% Retail
12%

Chennai
Residential 14%
45%
Commercial
Bangalore
39%
73%

Source: Company RHP, Angel Research Source: Company RHP, Angel Research

October 12, 2010 3


Giving shape to its integration strategy

PEPL has been focusing on integrating key construction functions over a decade. In
1996, PEPL had established Prestige Property Management and Services, an
in-house property management division, which currently employs more than 1,600
employees. The division provides various services, such as safety and security,
cleaning, maintenance, landscaping and general facilities management.
Moreover, an in-house interior design division provides customised and
standardised interior design and construction services for residential as well as
commercial projects. The company liaises with clients, architects, consultants and
suppliers, ensuring that clients' specifications are adhered to while avoiding time
and cost over-runs. With an objective to develop an in-house construction
management division, in 2009, PEPL acquired 75% stake in Team United, a
construction company in South India.

Association with CRIDF

PEPL has entered into a joint venture (JV) with CRIDF, an associate of
CapitaMalls Asia–the largest listed ‘pure-play’ shopping mall owner, developer
and manager in Asia by total value of assets and by geographic reach. The JV is
aimed at developing and managing retail projects in South India cities, including
Bangalore, Mysore, Mangalore, Hyderabad and Cochin. The total developable
area and leasable area under the JV projects will be approximately 5.6mn sq. ft.
and 1.8mn sq. ft., respectively. These arrangements shall enable PEPL to add
CRIDF's and CapitaMalls Asia's expertise and experience in developing leading
retail developments to its local knowledge and expertise.

October 12, 2010 4


Exhibit 5: Land reserve details
Land bank Area % of total Est. developable % of developable
(Category wise) (in acres) acreage area (mn sq. ft.) area
I Land owned by the company
1. By itself 18.8 1.9 2.7 4.5
2. Through its subsidiaries 364.4 36.9 8.2 13.7
3. Through entities other than (1) and (2) - - - -
II Land over which the company has sole development rights
1. Directly by the company 43.2 4.4 1.9 3.2
III MoU/Agreements to acquire /LoA to which the co. and/or its
subs. and/or its group cos. are parties, of which
1. Land subject to government allocation - - - -
2. Land subject to private acquisition 217.2 22.0 10.8 18.1
Sub-total (I) + (II) + (III) 673.7 68.2 28.33 47.4
Joint developments with partners
IV Land for which JDAs have been entered in to:
1. Directly by the company 228.1 23.1 21.1 35.3
V Proportionate interest in lands owned indirectly by the company through JV 81.2 8.2 8.5 14.3
Sub-total (IV) + (V) 314.7 31.8 31.4 52.6
Total (I) + (II) + (III) + (IV) + (V) 988.4 100.0 59.7 100.0

October 12, 2010 5


Issue structure

PEPL is coming out with an IPO for Rs1,200cr through fresh issue of 6.6cr–7.0cr
shares, resulting in a dilution of 20.0–21.0% based on issue price band of
Rs172–183/share. PEPL intends to use the IPO proceeds to fund the construction of
its ongoing and planned residential and commercial projects, invest in existing
subsidiaries for the construction and development of projects, acquire land and
repay its loans.

Exhibit 6: Shareholding pattern
Shareholders Pre-Issue Post-Issue
No. of eq. shares % of eq. capital No. of eq. shares % of eq. capital
Irfan Razack 65,625,000 25.0 65,625,000 19.8
Rezwan Razack 65,625,000 25.0 65,625,000 19.8
Noaman Razack 65,625,000 25.0 65,625,000 19.8
Total holding of promoters 196,875,000 75.0 196,875,000 59.3
Promoter Group 65,625,000 25.0 65,625,000 19.7
Public (pursuant to the issue)* - 0.0 69,767,442 21.0
Total share capital 262,500,000 100.0 332,267,442 100.0
Source: Company, Angel Research; Note: *Based on the lower band of issue price

Outlook and valuation
We have assumed an eight-year development period based on management
guidance for the company’s existing land bank. We have assumed average
realisation of Rs6,000/sq. ft. on PEPL’s saleable interest based on its geographical
presence. We have factored in a 5% price escalation from FY2012E in the
construction and capital value for all its saleable area and rental portfolio. We
have assigned 14% WACC and 10% capitalisation rate. Thus, our fair NAV works
out to be Rs164/share. At the lower band of the issue, the stock will trade at 2.5x
FY2012E P/BV and 4% premium to our one-year forward NAV, which is at a
premium to its peers. Hence, we recommend Avoid to the issue.

Exhibit 7: Key financials
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010
Net Sales 421 974 898 1,024
% chg (9.7) 131.4 (7.8) 14.1
EBITDA 94 136 259 223
EBITDA Margin (%) 22.3 14.0 28.8 21.8
Net Profit 31 66 77 147
% chg (16.5) 115.0 17.3 90.6
O/S Shares (cr) 26.3 26.3 26.3 26.3
FDEPS (Rs) 1.2 2.5 2.9 5.6
RoE (%) 20.3 19.3 13.8 21.3
RoCE (%) 12.7 8.9 12.1 7.6
Debt/Equity (x) 3.0 1.8 1.8 2.1
Source: Company, Angel Research

October 12, 2010 6


Other Investment concerns
High dependence on the Bangalore market

PEPL has 73% of its land bank located in Bangalore. Demand for the residential
and commercial segments in Bangalore is mainly derived from the IT and ITES
sectors. Thus, any slowdown in the IT and ancillary industries can lead to a
substantial decline in PEPL’s unit sales, realisation and lease rentals.

JV/JDA agreements with third parties entail potential risks

PEPL has entered into joint venture (JV)/joint development arrangements (JDA) for
most of its projects to minimise development capital. However, projects undertaken
through JVs involve risks that can result in significant delays. Moreover, most of
these JDAs confer rights on PEPL to construct, develop, market and eventually sell
its properties. This reduces operating flexibility with respect to any alterations in
development plans. Further, the JDA model of land banking offers limited scope of
margin improvement.

Fall in property prices

Property prices fell by 20–50% across India in FY2009. However, in the last one
year, prices have recovered by 10–20% from their bottom, especially in
South India. For valuation purposes, we have assumed a 5% increase in the prices
of saleable area and rental portfolio from FY2012. Thus, any decline in prices will
impact our NAV estimates.

October 12, 2010 7


Restated Profit & Loss Statement
Y/E March (Rs cr) FY2006 FY2007 FY2008 FY2009 FY2010 1QFY2011
Income from Operations 466 421 974 898 1,024 304
Cost of Construction 371 278 768 568 703 209
Employee Cost 11 17 24 31 49 16
Administration Expenses 25 32 46 40 49 15
Total Expenditure 407 327 838 639 801 240
EBITDA 59 94 136 259 223 64
EBITDA margin (%) 12.7 22.3 14.0 28.8 21.8 21.1
Depreciation 19 19 27 40 49 15
EBIT 40 75 109 219 174 49
Interest Charges (Net) 5 20 45 134 78 27
Other Income 8 6 15 18 62 5
PBT 43 61 79 103 158 28
Provision for Taxation 13 22 25 32 28 11
Profit after Tax 31 39 54 71 129 17
Profit/(Loss) from assoc. (net) 7 (7) 12 2 17 (1)
Adjustment arising on consolidation 0 1 0 0 (3) (2)
Minority Interest (Profit)/Loss (1) (2) (1) 4 4 (0)
Reported PAT 37 31 66 77 147 15
APAT margin (%) 7.9 7.3 6.8 8.6 14.4 4.8
Adjustments on acc of restatement (9) 3 2 0 (2) 0
Surplus Brought Forward 58 86 120 187 265 172
Amt. available for appropriation 86 120 187 265 410 186
Appropriations 0 0 0 0 (238) (0)
Dividend
Equity Shares (Proposed) 0 0 0 0 0 0
Preference Shares 0 0 0 0 0 0
Corporate Dividend Tax 0 0 0 0 0 (0)
Carried to Balance Sheet (restated) 86 120 187 265 648 187

October 12, 2010 8


Restated Balance Sheet
Gross Block 291 357 744 1,068 1,131 1,467
Acc. depreciation 68 88 115 154 207 253
Net Block 222 269 629 914 924 1,215
CWIP/Advance 37 72 327 131 205 346
Goodwill (on consolidation) 10 63 97 108 110 119
Investments 87 125 171 112 161 166
Deferred Tax Asset/(Liab.) (1) (0) 1 (3) (0) (2)
Curr. assets, loans & adv. 920 1,590 1,700 1,948 2,427 2,488
Interest accrued but not due 0 0 0 0 0 1
Inventories 483 916 768 979 1,250 1,289
Sundry Debtors 94 171 127 249 363 393
Cash and bank balances 34 23 90 141 173 106
Loans and Advances 308 479 714 579 640 700
Total Assets 1,274 2,118 2,924 3,210 3,827 4,332
Share Capital 13 13 13 13 263 263
Reserves & Surplus 108 169 490 606 501 516
Minority Interest 15 72 232 231 272 270
Liabilities & Provisions 1,139 1,865 2,189 2,361 2,791 3,284
Secured Loan 185 463 759 868 1389 1777
Unsecured Loan 63 78 154 244 212 243
Current Liabilities 823 1247 1124 1142 1021 1066
Provisions 67 76 151 106 169 198
Total Liabilities 1,274 2,118 2,924 3,210 3,827 4,332

October 12, 2010 9


Restated Cash Flow Statement
Cash flow from operating activities
Net Profit / (loss) before taxation 43 61 79 103 158 28
Adjustment for
Preliminary Expenses 0 0 0 0 0 0
Depreciation 19 19 27 40 49 15
Provision for bad debts 1 0 0 0 1 0
Interest income (6) (4) (7) (7) (9) (2)
Interest expenses 5 20 43 134 78 27
(Profit)/Loss on sale of inv. (0) 1 0 0 0 0
(Profit)/Loss on sale of asset 1 (0) (0) (1) (25) (1)
Operating profit/(loss) 63 97 142 269 252 67
(Dec)/Inc in sundry creditors 325 463 (146) (27) (208) (56)
Inc /(dec) in provisions 15 (16) 54 (1) 10 23
(Inc)/dec in Sundry Debtors (68) (78) 47 (127) (111) (27)
(Inc)/dec in Inventories (209) (430) 145 (172) (193) (36)
(Inc)/dec in loans and advances (186) (71) (48) 134 (58) (59)
Cash flow from operation (60) (35) 194 77 (307) (87)
Direct taxes (paid)/refunds (18) (21) (38) (10) (14) (5)
Net cash from operating activities (79) (56) 157 67 (321) (92)
Cash flow from investing activities
Sale/(purch) of FA (Incl CWIP) (28) (38) (628) (130) (154) (77)
Proceeds from sale of fixed assets 0 1 1 2 69 4
Inter corporate deposits given (Net) 2 17 (74) 28 36 1
Adv. pd - purch. of shares/prop.(Net) 0 (55) 130 (1) (0) 0
Interest income 1 3 7 3 6 1
Dividend Income 5 0 0 2 1 0
Sale /(Acquisition) of Inv. (Net) 3 (153) (79) (2) (44) (10)
Net cash from investing activities (17) (225) (643) (99) (88) (80)
Cash flow from financing activities
Intercorporate deposits taken (Net) 8 40 (60) 59 15 3
(Inc)/dec. in Current/Capital a/c (1) (3) (4) 6 10 (0)
Net Inc/(dec.) in Secured Loans 75 252 360 15 581 48
Issue of shares including prem. by sub. 0 0 188 2 0 0
Sh./deb appl. money rcvd/ref. by sub. 0 0 39 8 (65) 7
Proceeds from issue of deb. by sub. 0 0 83 0 44 17
Net Inc/(dec) in Unsecured Loans 30 2 (11) 124 (71) (2)
Interest Expenses (5) (20) (43) (132) (78) (25)
Dividend including Tax 0 0 0 0 0 (2)
Net cash from financing activities 107 271 553 82 436 46
Net (dec)/inc in cash/cash equivalents 12 (11) 67 51 28 (127)
Cash/cash equivalents at begn. of year 22 34 23 90 145 232
Cash/cash equivalents at end of year 34 23 90 141 173 106

October 12, 2010 10


Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com

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October 12, 2010 11


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Prestige Estates Projects - IPO note

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