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Last Updated : May 17, 2019 12:20 PM IST | Source:

Buy Phoenix Mills; target of Rs 785: Motilal Oswal

Motilal Oswal is bullish on Phoenix Mills has recommended buy rating on the stock with a target price of Rs 785 in its research report dated May 16, 2019.

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Motilal Oswal's research report on Phoenix Mills

Revenue grew 66% YoY to INR7,232m (our estimate: INR4,839m) in 4QFY19, driven by revenue recognition of INR3,170m in Kessaku, Bengaluru. EBITDA increased 74% YoY to INR3,771m (our estimate: INR2,419m), with the margin expanding 260bp YoY to 52% (our estimate: 50%). Adj. PAT grew over 100% YoY to INR1,879m, higher than our estimate of INR655m, led by profits from kessaku recognition. For FY19, revenue grew 22% to INR19.8b, EBITDA increased 28% to INR9.9b and PAT was up 97% to INR4.7b.


We value PHNX’s retail assets based on the 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 INR785 (upside 27%).

For all recommendations report, click here

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

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First Published on May 17, 2019 12:20 pm
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