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Journalism of Courage
CLSA has downgraded the KP Singh-led DLF8217;s stock to 8216;underperform8217; from 8216;outperform8217; and cut target price to Rs 215 from Rs 256 citing higher risk of disappointment on operating cash flow.
DLF8217;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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