Getty ImagesRelated
ICICI Securities has buy call on Phoenix Mills Ltd. with a target price of Rs 1336. The current market price of Phoenix Mills Ltd. is Rs 1075.1. Time period given by analyst is one year when Phoenix Mills Ltd. price can reach defined target.
Phoenix Mills Ltd., incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 19302.00 Crore) operating in Real Estate sector.
Phoenix Mills Ltd. key Products/Revenue Segments include Licence Fees, Service Charges and Sale of services for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 447.01 Crore, up 15.44 % from last quarter Total Income of Rs 387.22 Crore and up 26.65 % from last year same quarter Total Income of Rs 352.95 Crore. Company reported net profit after tax of Rs 102.26 Crore in latest quarter.
Investment Rationale
The brokerage reiterates BUY rating with an unchanged target price of Rs1,336/share based on Mar’23E NAV which incorporates the balance 50% stake acquisition in Chennai Market City SPV in FY23E. It ascribes a 15% premium to NAV considering growth opportunities from growth capital raised from GIC PE and CPPIB platform deals.
Promoter/FII Holdings
Promoters held 45.43 per cent stake in the company as of 31-Dec-2021, while FIIs owned 31.6 per cent, DIIs 18.61 per cent.
Phoenix Mills Ltd., incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 19302.00 Crore) operating in Real Estate sector.
Phoenix Mills Ltd. key Products/Revenue Segments include Licence Fees, Service Charges and Sale of services for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 447.01 Crore, up 15.44 % from last quarter Total Income of Rs 387.22 Crore and up 26.65 % from last year same quarter Total Income of Rs 352.95 Crore. Company reported net profit after tax of Rs 102.26 Crore in latest quarter.
Investment Rationale
The brokerage reiterates BUY rating with an unchanged target price of Rs1,336/share based on Mar’23E NAV which incorporates the balance 50% stake acquisition in Chennai Market City SPV in FY23E. It ascribes a 15% premium to NAV considering growth opportunities from growth capital raised from GIC PE and CPPIB platform deals.
Promoter/FII Holdings
Promoters held 45.43 per cent stake in the company as of 31-Dec-2021, while FIIs owned 31.6 per cent, DIIs 18.61 per cent.
(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
Pick the best companies to invest
BECOME AN ETPRIME MEMBERRead More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Pick the best stocks for yourself
Powered by