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Dewan Hsg Fin Q3FY17: Fundamental Analysis - Firstcall India Equity

Firstcall India Equity | 17 Jan, 2017  | Follow Author | Add to my Favourites 
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  • Dewan Housing Finance Corporation Ltd (DHFL) was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access for Indians to own a home of their own.
  • The company achieved a turnover of Rs. 23655.10 million for the 3rd quarter of the financial year 2016-17 as against Rs. 18843.70 million in the corresponding quarter of the previous year, up by 25.53%.
  • During the 3"d quarter, net profit increased by 31.66% to Rs. 2447.70 million from Rs. 1859.10 million in the corresponding quarter ending of previous year.
  • During the quarter, EBIDTA stood at Rs. 21785.50 million in Q3 FY17 as against Rs. 17070.00 million in the corresponding period of last year, an increase of 27.62%.
  • During the quarter, PBT increased by 32.54% to Rs. 3717.10 million from Rs. 2804.60 million in the corresponding period of the previous year.
  • EPS of the company stood at Rs. 7.82 in Q3 FY17 against Rs. 6.37 in the corresponding quarter of the previous year.
  • Assets Under Management grew 18.70% to Rs 78295810 mn for the quarter ended December 31, 2016.
  • Net Interest Margin stood at 3.07% in Q3 FY17 as compared to 2.87% in Q3 FY16.
  • Net Sales and PAT of the company are expected to grow at a CAGR of 20% each over 2015 to 2018E.


  • At the current market price of Rs. 288.05, the stock P/E ratio is at 9.69 x FY17E and 8.10 x FY18E respectively.
  • Earning per share (EPS) of the company for the earnings for FY17E and FY18E is seen at Rs. 29.74 and Rs. 35.57 respectively.
  • Net Sales and PAT of the company are expected to grow at a CAGR of 20% each over 2015 to 2018E.
  • On the basis of EV/EBITDA, the stock trades at 7.40 x for FY17E and 7.12 x for FY18E.
  • Price to Book Value of the stock is expected to be at 1.54 x and 1.30 x for FY17E and FY18E respectively.
  • Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.


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About Firstcall India Equity

Firstcall India Equity of Firstcall India Equity Advisors Pvt. Limited (FIEA), is a leading financial services provider in India and a SEBI Registered Category-I Merchant Banker. FIEA is a culmination of a credible Equity Research Capabilities, Long Standing Relationship with leading FIIs, DFIs, MFs, Overseas Pension Funds etc. The company’s research caters to the needs of the largest news wire and media houses of the world namely Reuters, Thomson, Capital IQ,, Emerging Markets Euro money Publications-UK. The Company is among the major players in the Debt and Equity markets.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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