Buy Phoenix Mills; target of Rs 699: Motilal Oswal

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

Motilal Oswal's research report on Phoenix Mills

PHNX’s revenue increased 9.2% YoY to INR4,047m (our estimate: INR4,311m) in 2QFY19, primarily driven by Retail segment (+11% to INR2,839m). EBITDA grew 11% YoY to INR1,981m (our estimate: INR2,104m), with the margin expanding 80bp YoY to 49% (our estimate: 48.8%). We note that other comprehensive income for 2QFY19/1HFY19 includes a realized gain of INR358m on the sale of investments of 0.5m equity shares of Graphite India. Interest expense of INR917m (+7% YoY) came in higher than our estimate of INR865m. Consequently, PAT of INR620m (48.5% YoY) missed our estimate of INR664m.

Outlook

We value PHNX’s retail assets based on DCF-based NAV approach, assuming a cap rate of 8.5% (HSP - 8%) and a discount rate of 13.5%. We maintain Buy with an SOTP-based TP of INR699 (upside 16%).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Read More