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Saturday, October 31, 2009

Jolly Board Ltd:Future growth prospects and outlook

Scripscan:Jolly Board Ltd
cmp:460
Code:502335

Story:Jolly Board scrip may seem to be on the higher side but if you look at market cap and value in the company you may find it attractive.This company is a play on the land bank that they have in Mumbai. It earlier had its plant at Kanjurmarg in Mumbai which has now been shifted out of Mumbai. This company is developing the land at Kanjurmarg by constructing a 2 million sq ft IT park there. It has already entered into an agreement with a Mumbai-based builder for that. As per the agreement terms, the land is provided by the company and the construction cost will be borne by the builder. Both parties will share space on a 50-50 basis.Jolly board without incurring any fresh capital expenditure is expected to get about one million sq ft of commercial and IT space. I am told that rentals in that area would be about Rs 65-80 per sq ft but to be conservative we assume a rental of Rs 50 per sq ft. This would translate into a rental of about Rs 5 crore for the company every month, which is about Rs 60 crore yearly. The market cap of the company is about Rs 210 crore, so you have this company available at less than three and a half years of gross annual rentals.When an investor invests in commercial property the thumb rule is a return of about 5-6% whereas in this case, at the current market cap, you are getting about 35%. The risk is that this project is going to take some time to complete. In case there is again a property meltdown in the interim or if they are not able to find a tenant for that property that could be a risk but sure at the current market cap there is value in the company.

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