DLF Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for DLF, BSE:532868 DLF Ltd.

DLF Ltd.

01 Aug 2019

773.95

0.78%

DLF (1QFY20): On track for re-rating. Maintain BUY

Buy: DLF Ltd.

HDFC Securities

DLF has achieved significant BS deleveraging with net D/E hitting 0.09x in 1QFY20. Residual unsold inventory stands at Rs 110bn (~4.5 years of inventory). Total residual collection on sold inventory is pegged at Rs 28bn vs. Rs 20bn of balance construction costs. DLF Phase V luxury projects are seeing good traction. With strong balance sheet, robust lease momentum and residential pre-sales recovery, DLF is well placed. We maintain BUY. Key risks (1) Delay in ready inventory monetization (2) DCCDL settlement (3) Inability to fully utilize mark-to-market potential from rental assets (4) Overall slowdown in leasing momentum. We maintain BUY on DLF post positive pre-sales trajectory in Phase V projects, debt reduction and strong lease rental momentum. Our SOTP-based TP is maintained at Rs 258/sh. DLF balance sheet is strong post QIP and promoter fund infusion.

DLF Ltd. is trading below its 100 day SMA of 792.1

DLF Ltd.

25 Jun 2019

773.95

0.78%

DLF LIMITED

Accumulate: DLF Ltd.

Target

Geojit BNP Paribas

DLF Ltd primarily engaged in developing of residential and commercial properties. The company has a unique business model with earnings arising from development and rentals. Its exposure across businesses, segments and geographies mitigates any down-cycle in the market. From developing 22...

DLF Ltd. has an average target of 963.25 from 4 brokers.

DLF Ltd.

23 May 2019

773.95

0.78%

DLF (4QFY19): Back in the game. Maintain BUY

Buy: DLF Ltd.

Target

HDFC Securities

Over last 2yrs DLF has achieved significant BS deleveraging with net D/E likely hitting 0.1x by FY20E end. Pre-sales recovery is on track with 4.7yrs of unsold completed inventory. DLF maintained that it will launch projects during advance stage of completion. Hines JV is on track with construction commencement by Dec-19. Sales strategy here will be mix of strata sales and leasing. DLF phase V ~2-2.5mn sqft new construction will start in Dec-19 and will cater to Crest type product. With strong balance sheet, robust lease momentum and residential pre-sales recovery, DLF is well placed. We maintain BUY. Key risks (1) Delay in ready inventory monetization (2) High interest rates (3) Rental correction. We maintain BUY post an encouraging quarter. Our SOTP-based TP has reduced to Rs 258 (vs Rs 264 earlier). We have increased our FY20/21E EPS by 19.8/50.2%, led by debt rationalization post QIP, promoter fund infusion and reduction in DCCDL dues post 2HFY20E.

DLF Ltd. has an average target of 963.25 from 4 brokers.

DLF Ltd.

07 Feb 2019

773.95

0.78%

DLF (3QFY19): On track. Maintain BUY

Buy: DLF Ltd.

Target

HDFC Securities

We Maintain BUY with NAV- based TP of Rs 264/sh. DLF posted Revenue/PAT of Rs 22.2/3.4bn (Rs 13.5/2.9bn higher on IND AS 115). Profits from Associates (incl. DCCDL) dipped 7% QoQ to Rs 2.2bn. DLF has achieved net presales of Rs 5.6bn (vs gross presales of Rs 8.0bn) with 9MFY19 net presales now at Rs 17.9bn (vs. management guidance of ~Rs 22.5bn for full year FY19E).

DLF Ltd. has an average target of 963.25 from 4 brokers.

DLF Ltd.

05 Nov 2018

773.95

0.78%

DLF (2QFY19): Ripe for comeback. Maintain BUY

Buy: DLF Ltd.

Target

HDFC Securities

Maintain BUY with NAV- based TP of Rs 253/sh. DLFs 2QFY19 revenue came in at Rs 21.4bn (+42% QoQ, 37% beat, Rs 10bn higher on IND AS 115). APAT was at Rs 3.7bn (Rs 4bn higher on IND AS 115). DLF has achieved net sales of Rs 6.3bn (>Rs 12bn of sales in 1HFY18 vs Rs ~10bn in FY18 considering the sales were paused till Nov 18).

DLF Ltd. has an average target of 963.25 from 4 brokers.

DLF Ltd.

12 Aug 2018

773.95

0.78%

DLF (1QFY19): On track. Maintain BUY

Buy: DLF Ltd.

HDFC Securities

Maintain BUY with NAV of Rs 279/sh. DLFs prior period figures are not comparable on account of DLF moving from Percentage Completion to Project Completion method of accounting under IND AS 115 from 1QFY19. This led to reversals of Rs 53.8bn from retained earnings (Revenue reversal of ~Rs 140bn, last 5yrs cumulative sales) for its uncompleted projects majorly in DLF 5 (as hand over/ possession letters were delayed even in some completed projects).

DLF Ltd. is trading below its 100 day SMA of 792.1

DLF Ltd.

23 May 2018

773.95

0.78%

DLF (4QFY18): Bottoming out. Maintain BUY

Buy: DLF Ltd.

HDFC Securities

Maintain BUY with NAV- based TP of Rs 279/sh. DLFs reported 4QFY18 APAT of Rs 0.5bn (after adjusting for exceptional fair valuation and merger related items). DLF has achieved net pre-sales of Rs ~10/7.5bn in FY18/4QFY18 (sluggish offtake as RERA implementation resulted in sale freeze till Nov 17). Adjusted for valuation gains on DCCDL stake sale, DLF posted net loss of Rs 2.4bn in FY18.

Number of FII/FPI investors decreased from 923 to 913 in Sep 2025 qtr

DLF Ltd.

22 May 2018

773.95

0.78%

DLF Ltd Q4FY18 results Comment

Results Update: DLF Ltd.

HDFC Securities

Revenue grew by 112.21% to Rs. 1067.31 Cr in Q4FY18 when compared to the previous quarter. DLF Ltd Q4FY18 results Comment

DLF Ltd. is trading above its 200 day SMA of 748.1

DLF Ltd.

09 Mar 2018

773.95

0.78%

DLF LIMITED

Hold: DLF Ltd.

Geojit Research

In Q3FY18, DLF reported a revenue of Rs1,694cr (down 17.7% YoY, up 6.7% QoQ). EBITDA margin fell 510bps YoY to 41.4%. Aided by an exceptional gain of Rs8,569cr the company managed to report a PAT of RsRs4,091cr in Q3FY18. DLF opened sales across projects from Nov 2017 post RERA compliance, which may result in improved pre-sales traction on Rs150bn of inventory. DLF's promoters had infused fund worth Rs90bn via subscription to CCDs and Warrants of DLF Ltd. Till date Rs 71bn of loans have been repaid post the fund infusion. The management expects Devco to become debt free by FY19 end. We expect DLF's revenue to be de-grow over FY17-20E due to weak residential segment in NCR region. However, debt reduction and higher inventory worth Rs150bn are near term positive for the company....

Number of FII/FPI investors decreased from 923 to 913 in Sep 2025 qtr

DLF Ltd.

17 Feb 2018

773.95

0.78%

DLF (3QFY18): Initial recovery. Upgrade to BUY

Buy: DLF Ltd.

Target

HDFC Securities

With the recent price correction we upgrade to BUY with NAV- based TP of Rs 279/sh. DLFs 3QFY18 reported an adjusted net loss (after adjusting for exceptional gain on DCCDL FV). Despite recovery in 3QFY18 pre-sales to Rs 6.7bn (sales opened in Nov17, post RERA compliance), revenue recognition remained muted on account of the 10% collection threshold remaining untriggered (as most of the bookings were on token amounts).

Number of FII/FPI investors decreased from 923 to 913 in Sep 2025 qtr

Is DLF Ltd. worth buying?

460 Votes:

Buy 73.91%

Sell 15.22%

Hold 10.87%

RESEARCH REPORTS

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