Stock EMBASSY EMBASSY OFFICE PARKS REIT
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Financials Embassy Office Parks REIT

Equities

EMBASSY

INE041025011

Commercial REITs

End-of-day quote NSE India S.E.
Other stock markets
 23:00:00 02/05/2024 BST 		5-day change 1st Jan Change
353.1 INR -0.99% Intraday chart for Embassy Office Parks REIT -2.48% +8.75%
04-28 Mutual Funds Plan to Oppose Embassy REIT's Proposal to Raise INR 30 Billion CI
04-26 Jefferies Adjusts Embassy Office Parks REIT's Price Target to INR406 From INR414, Keeps at Buy MT

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 270,654 308,492 352,379 295,904 350,351 334,663 - -
Enterprise Value (EV) 1 309,673 405,087 467,277 435,205 350,351 506,518 518,632 527,856
P/E ratio 35.4 x 38.2 x 39.7 x 58.5 x 36.3 x 36.2 x 29.8 x 26.9 x
Yield 6.95% 6.6% 5.85% 6.95% - 6.55% 7.45% 8.17%
Capitalization / Revenue 12.6 x 13.1 x 11.9 x 8.65 x 9.51 x 8.07 x 7.08 x 6.43 x
EV / Revenue 14.4 x 17.2 x 15.8 x 12.7 x 9.51 x 12.2 x 11 x 10.1 x
EV / EBITDA 18.6 x 20.6 x 19.3 x 16.2 x 12.7 x 16 x 14.2 x 13.1 x
EV / FCF 60.5 x 36.7 x 48.4 x 29.5 x - 17.6 x 23.1 x 15 x
FCF Yield 1.65% 2.72% 2.07% 3.39% - 5.68% 4.32% 6.68%
Price to Book 1.21 x 1.14 x 1.36 x 1.21 x - 1.53 x 1.64 x 1.3 x
Nbr of stocks (in thousands) 771,665 947,894 947,894 947,894 947,894 947,894 - -
Reference price 2 350.7 325.4 371.8 312.2 369.6 353.1 353.1 353.1
Announcement Date 19/05/20 29/04/21 28/04/22 27/04/23 25/04/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 21,449 23,603 29,626 34,195 36,852 41,460 47,284 52,011
EBITDA 1 16,656 19,693 24,250 26,885 27,693 31,744 36,420 40,377
EBIT 1 16,464 13,986 16,286 15,601 18,003 21,979 25,256 29,142
Operating Margin 76.76% 59.26% 54.97% 45.62% 48.85% 53.01% 53.41% 56.03%
Earnings before Tax (EBT) 1 7,955 7,539 8,962 6,618 10,891 10,293 13,383 16,690
Net income 1 7,655 6,984 8,884 5,060 9,640 9,274 11,459 13,386
Net margin 35.69% 29.59% 29.99% 14.8% 26.16% 22.37% 24.24% 25.74%
EPS 2 9.920 8.520 9.370 5.340 10.17 9.760 11.85 13.14
Free Cash Flow 1 5,117 11,027 9,660 14,735 - 28,752 22,406 35,266
FCF margin 23.86% 46.72% 32.61% 43.09% - 69.35% 47.39% 67.8%
FCF Conversion (EBITDA) 30.72% 56% 39.84% 54.81% - 90.58% 61.52% 87.34%
FCF Conversion (Net income) 66.84% 157.9% 108.74% 291.22% - 310.04% 195.52% 263.45%
Dividend per Share 2 24.39 21.48 21.76 21.71 - 23.11 26.31 28.84
Announcement Date 19/05/20 29/04/21 28/04/22 27/04/23 25/04/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 7,409 7,488 8,294 8,571 8,654 8,676 9,136 8,893 9,364 9,458 9,648 9,841 10,037 9,527
EBITDA 6,109 6,081 6,544 6,450 6,964 6,540 6,795 6,696 7,085 7,117 - - - -
EBIT - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - -
Earnings before Tax (EBT) 2,285 2,388 2,230 1,721 1,896 771.1 2,677 2,404 2,527 3,283 - - - -
Net income 2,082 2,792 1,788 1,285 1,632 354.5 2,340 2,167 2,299 2,834 - - - -
Net margin 28.1% 37.28% 21.56% 14.99% 18.86% 4.09% 25.62% 24.36% 24.55% 29.96% - - - -
EPS 2.200 2.940 1.890 1.360 1.720 0.3700 2.470 2.290 2.430 2.990 - - - -
Dividend per Share - - - - - - - - 5.200 - - - - -
Announcement Date 28/01/22 28/04/22 21/07/22 20/10/22 25/01/23 27/04/23 26/07/23 26/10/23 02/02/24 25/04/24 - - - -
1INR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 39,019 96,595 114,898 139,301 - 171,855 183,969 193,192
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.343 x 4.905 x 4.738 x 5.181 x - 5.414 x 5.051 x 4.785 x
Free Cash Flow 1 5,117 11,027 9,660 14,735 - 28,752 22,406 35,266
ROE (net income / shareholders' equity) 4.14% 2.83% 3.35% 2.01% - 4.05% 5.3% 6.71%
ROA (Net income/ Total Assets) 2.67% 1.78% 1.97% 1.11% - 2.52% 2.73% 2.81%
Assets 1 286,878 392,863 451,392 457,881 - 367,708 419,759 477,059
Book Value Per Share 2 289.0 286.0 273.0 257.0 - 230.0 215.0 272.0
Cash Flow per Share 2 21.90 19.70 25.00 27.10 - 31.70 35.20 39.00
Capex 1 11,798 45,212 14,010 10,921 - 11,934 12,545 3,618
Capex / Sales 55% 191.55% 47.29% 31.94% - 28.78% 26.53% 6.96%
Announcement Date 19/05/20 29/04/21 28/04/22 27/04/23 25/04/24 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Embassy Office Parks REIT

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
353.1 INR
Average target price
403.6 INR
Spread / Average Target
+14.31%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office REITs

1st Jan change Capi.
EMBASSY OFFICE PARKS REIT Stock Embassy Office Parks REIT
+8.75% 4.01B
BOSTON PROPERTIES, INC. Stock Boston Properties, Inc.
-13.38% 9.55B
NIPPON BUILDING FUND INC. Stock Nippon Building Fund Inc.
+0.49% 6.83B
JAPAN REAL ESTATE INVESTMENT CORPORATION Stock Japan Real Estate Investment Corporation
-6.85% 5.06B
KDX REALTY INVESTMENT CORPORATION Stock KDX Realty Investment Corporation
-2.11% 4.23B
KILROY REALTY CORPORATION Stock Kilroy Realty Corporation
-14.83% 3.98B
SL GREEN REALTY CORP. Stock SL Green Realty Corp.
+13.95% 3.34B
INMOBILIARIA COLONIAL SOCIMI, S.A. Stock Inmobiliaria Colonial SOCIMI, S.A.
-13.74% 3.24B
SOCIÉTÉ FONCIÈRE LYONNAISE Stock Société Foncière Lyonnaise
-0.30% 3.09B
HIGHWOODS PROPERTIES, INC. Stock Highwoods Properties, Inc.
+16.59% 2.84B
Office REITs
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  4. Financials Embassy Office Parks REIT