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Journalism of Courage
CLSA has downgraded the KP Singh-led DLF’s stock to ‘underperform’ from ‘outperform’ and cut target price to Rs 215 from Rs 256 citing higher risk of disappointment on operating cash flow.
DLF’s gross debt and net debt has increased by Rs 15.9 billion and Rs 10 billion QoQ,a big negative,said CLSA.
The research house has shifted valuation of the company to earnings-based multiples given the slow pace of converting landbank into earnings or cash flow.
The recent outperformance largely captures the asset sales excitement already,added the investment bank.
At 11:32 a.m.,the stock was at 227.80 rupees,down 2.38 percent.
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