Hello, I have attempted to do conservative valuation of the company based on FY23 financial statements.
My story is based on:
- Honest, intelligent & “conservative with debt” management led by Vikas Oberoi (takes 0 salary)
- Strong brand and focused on Mumbai (real estate is a localized business and hard to scale successfully and sustainably)
- High integrity hence numbers are trustworthy
My valuation is:
|Rental income||359||15||5385||Valuing malls & office business at 15 times FY23 rental income|
|Hospitality||156||10||1560||Valuing hotel business at 10 times FY23 revenue|
|Projects - Inventory||8543||1||8543||BS > Current assets > Inventories|
|Inv + Cash||1744||1||1744||Current Investments + N-Current Investments + Cash + Bank balance|
|Value of properities||8893||1||8893||4031 = Capital WIP (BS > Non-current assets)
195= Property, plant, equipment(BS > Non-current assets)
4667 = Fair values of the properties* (Page 129, Annual Report)
|Per share||718||36.4 cr shares|
- properties = Commerz I, Commerz II, Oberoi International School (Goregaon), Oberoi International School (JVLR) and Oberoi
Comments welcome. What is your valuation story and numbers?