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

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.


Outlook


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 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.

First Published on May 17, 2019 12:20 pm
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