Phoenix Mills
Ltd ( 532782 ) closes
at ₹850.30 with a Fall of -1.70% on
on 17-September-2021 with formation of a Red
Candle on Daily Price Chart.
About the Company : The Phoenix Mills Limited is an India-based
company engaged in the construction of buildings carried out on own-account
basis or on a fee or contract basis. The Company is engaged in the development
and operation of malls and other real estate properties. It operates through
twos segments: Property & Related Services, and Hospitality Services. It
specializes in the ownership, management and development of retail-led mixed
use properties that include shopping, entertainment, commercial, residential
and hospitality assets, aggregating approximately 17.5 million square feet over
100 acres. Its core business includes Retail, Hospitality, Commercial and
Residential. Under the Retail segment, it operates seven malls in six cities.
Under Commercial and Hospitality segments, it operates five commercial centers
in two cities and two completed hotel projects. The upscale mall houses various
international brands, such as Gucci, Jimmy Choo, Bottega Veneta and Ermenegildo
Zegna, among others.
Sector Update : Positive
Financials
: Phoenix Mills Ltd has posted Net Sales / Revenue of ₹1073.30 Cr & Net
Profit ₹52.60 Cr in FY2021 and expected to post Net Sales /
Revenue of ₹1505.80 Cr & Net Profit of ₹175.30 Cr in FY2022 & Net Sales / Revenue of ₹2202.20 Cr & Net
Profit of ₹466.20 Cr in FY2023 and Net Sales / Revenue of ₹2734.00 Cr & Net
Profit of ₹631.10 Cr in FY2024 .
EPS will improved
from 3.19 in FY2021 to 38.60 by FY2024; Debt from ₹3139.80 Cr to ₹3393.10 Cr . Free Cash Flow will Turn positive from -₹ 307.60 Cr to ₹ 295.50 Cr; ROA will increase from 0.48% to 2.59
(FY23) and Book Value Per Share will increase from ₹284 to ₹366 %during the
same period.
Valuations : The Company is now Trading at X9.50 of
its valuations
of FY2021 earnings with ~850% Premium
and X5.15 of its FY2022 earnings with ~415% Premium and X1.94 of its FY2023 earnings with ~94% Premium and X1.43 of its FY2024 earnings with ~43% Premium .
Margin of Safety (1Yr Bond Yield: Value>1 ) is now 0.2 which
makes it attractive after ~80% dip in price . The Equity Value Per Share (
Enterprise Value Method ) is ₹821.00
Early
Trend: Phoenix Mills is looking to double its portfolio
of retail properties by FY26 & it wants to add one million square feet each
year post FY26.
If We factor
its FY2024 earnings/valuations, its Price arrives at ₹1785.00
with a conservative view of X3 pricing.
Disclaimer : We are / may
going to take exposure shortly.
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Data
Source | NSE Website | Screener.In | Capital Line | Money Control |Refinitiv |
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