ICICI Direct is bullish on Phoenix Mills has recommended buy rating on the stock with a target price of Rs 765 in its research report dated May 17, 2019.
ICICI Direct's research report on Phoenix Mills
Phoenix Mills’ (PML) topline grew 65.6% YoY to Rs 723.2 crore on account of higher revenue recognition in its residential business. Core portfolio revenues grew 8.4% YoY to Rs 416.1 crore. The EBITDA margin expanded 365 bps YoY to 52.1%. PAT grew strongly by 1.5x YoY to Rs 228.4 crore. Adjusting for residential business PAT & exceptional items, core portfolio PAT was at Rs 86.5 crore, slightly above our estimate of Rs 82 crore.
PML is currently trading at 12.6x FY20E EV/EBITDA. We like PML given its quality of retail and commercial assets, healthy balance sheet, strategic expansion plans ahead and quasi play on India’s consumption story. We maintain our BUY rating on the stock with an SoTP based target price of Rs 765/share.
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