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Reit Valuation

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36 views2 pages

Reit Valuation

Uploaded by

jayantrawat.work
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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REIT VALUTION MODEL AFFO = Net Income + Depreciation and Amortization - Maintenance Capital Expenditures - Straight-line Rent Adjustments

TICKER COMPANY STOCK PRICE AFFO p/AFFO


Phoenix Mills Ltd 864 363 2.380165289
Indiabulls Real Estate Ltd 1462.6 310 4.718064516
Godrej Properties Ltd 56.5 487 0.1160164271
Oberoi Realty Limited. 941.95 452 2.083960177
DLF Ltd 436 672 0.6488095238

Average P/AFFO 1.989403187


Median P/AFFO 1.891712661

company intrinsic value p/affo


INDIA BULLS 48.76 4.71

CURRENT PRICE 58.67

Company Name Net Income (Rs. crore) Depreciation & Amortization (Rs. crore) Maintenance Capex (Rs. crore)
Straight-line Rent Adjustments (Rs. crore)
AFFO (Rs. crore)
Phoenix Mills Ltd 303 125 95 30 363
Indiabulls Real Estate 255
Ltd 90 65 20 310
Godrej Properties Ltd 412 185 115 45 487
Oberoi Realty Limited 367 165 80 40 452
DLF Ltd 522 240 145 55 672
Year Projected AFFO (in Rs. crore) PV Factor Present Value (in Rs. crore)
2022 310 0.9091 281.8
2023 325.5 0.8264 274.1
2024 341.8 0.7513 267.6
2025 359.9 0.683 262.2
2026 379.9 0.6209 257.7
TV - 0.6209 6,106.00
Total - - 7,449.40

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