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Last Updated : Nov 15, 2019 02:14 PM IST | Source: Moneycontrol.com

Buy Phoenix Mills; target of Rs 870: ICICI Direct

ICICI Direct is bullish on Phoenix Mills has recommended buy rating on the stock with a target price of Rs 870 in its research report dated November 13, 2019.

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ICICI Direct's research report on Phoenix Mills


Phoenix Mills’ (PML) topline grew 2.6% YoY to Rs 415.1 crore. Adjusting for residential business (Rs 11.2 crore), core portfolio (retail, commercial & hospitality) revenues grew 6.1% YoY to Rs 403.9 crore. The EBITDA margin expanded 180 bps YoY to 50.8%. RPAT grew 6.0% YoY to Rs 65.8 crore, which includes Rs 7.8 crore net exceptional item. Adjusting for residential business PAT, core portfolio PAT grew 14.2% YoY to Rs 70.8 crore.


Outlook


We remain positive on PML given its quasi play on India’s consumption story, quality of retail & commercial assets, healthy balance sheet & strategic expansion plans. We roll over our valuation on FY21E estimates and maintain BUY recommendation with an SoTP based TP of Rs 870/share.


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.



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First Published on Nov 15, 2019 02:14 pm
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