10 PHOENIXLTD share price target reports by brokerages below. See what is analyst's view on PHOENIXLTD share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
We maintain Buy on the stock with a revised target price (TP) of Rs709 (earlier Rs1,021) based on Sep FY22E SOTP valuation. We have assigned a 30% discount to NAV considering the expected sluggishness in demand for the coming few quarters.
We maintain Buy on the stock with a revised target price (TP) of Rs1,021 (earlier Rs900) based on Sep FY22E SOTP valuation. With compression in the capitalization rates we have also reduced our capitalization rates to 8% (earlier 9%) and with the decline in G-sec rates, we have reduced our risk free rate assumption to 6% (earlier 8%), thus reducing our discounting rate to 11% (earlier 13.8%).
As India’s largest mall owners and operators, the Phoenix Mills Limited is evolving into a trusted proxy for the consumption trends of India’s urban middle class. PHNX remains India’s largest retail mall developer and Operator and the expansion of retail & office space portfolio will help it achieve the next leg of growth. We remain positive about the long term prospects of the company but due to recent run up in stock price we assign “HOLD” rating on the stock with a revised TP of Rs. 915/ share.
As India’s largest mall owners and operators, Phoenix Mills Ltd is evolving into a trusted proxy for the consumption trends of India’s urban middle class. PHNX remains India’s largest retail mall developer and operator and the expansion ofretail & office space portfolio will help it achieve the next leg of growth. We retain“BUY” rating on the stock with a NAV based TP of Rs. 820/share.
Management on the call indicated that growth in mall rentals in FY21-23E will be driven by lease renewal in the mall rental. The leases are expected to be renewed with a rental increase of 10-20%. Further, PML has 5 retail assets with leasable area of 4.90mn sq. ft. under construction and management highlighted that construction is underway as per schedule and the malls are expected to be operational between FY20-23E. We maintain Buy on the stock with a target price (TP) of Rs900 based on Sep FY22E SOTP valuation.
We have valued PHCPL using SOTP valuation. The commercial, retail and residential assets are valued on NAV basis and the hospitality assets are valued on EV/EBITDA basis. The transaction is expected to be completed at a price of 15% premium to the closing price of PML as on 6th August, 2019 (Rs624) implying transaction price of Rs718. Based on our valuation, the transaction is being completed at 17% premium to our value.
PML is currently trading at 12.8x FY20E EV/EBITDA. 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 maintain BUY recommendation with an SoTP based TP of | 765/share.
Management on the call indicated that growth in mall rentals in FY21-23E will be driven by lease renewal in the mall rental. The leases are expected to be renewed with a rental increase of 30-40%. Further, PML has 5 retail assets with leasable area of 4.90mn sq. ft. under construction and management highlighted that construction is underway as per schedule and the malls are expected to be operational between FY20-23E. We maintain Buy on the stock with a target price (TP) of Rs810 based on FY21E SOTP valuation.
As India’s largest mall owners and operators, the Phoenix Mills Limited is evolving into a trusted proxy for the consumption trends of India’s urban middle class. PHNX remains India’s largest retail mall developer and operator and the expansion ofretail & office space portfolio will help it achieve the next leg of growth. We retain“BUY” rating on the stock with a NAV based TP of Rs. 735/share.
Our TP of Rs810 (earlier Rs791) for PML is based on FY21E SOTP valuation. We have valued retail, residential and office properties of PML based on FY21E NAV and the hotel business has been valued through the discounted cash flow method. Further, our optimism is supported by: (1) Anticipated continued strong growth in rental revenue of operational malls (2) Steady growth in office space rentals and (3) Strong growth in hotels because of cyclical upturn in the sector The increase in TP is driven by: (1) Rise in occupancy of major malls (2) Reduction in net debt and (3) Change in capitalization rate to 9% p.a. (earlier 10%).
As India’s largest mall owners and operators, the Phoenix Mills Ltd is evolving into a trusted proxy for the consumption trends of India’s urban middle class. PHNX remains India’s largest retail mall developer and operator and the CPPIB deal will help it achieve the next leg of growth. We retain “BUY” rating on the stock with a TP of Rs. 735/share.
PML is currently trading at 12.6x FY20E EV/EBITDA. We like PML given its quality of retail and commercial assets, healthy balance sheet, strategic expansion plans ahead and quasi play on India’s consumption story. We maintain our BUY rating on the stock with an SoTP based target price of Rs 765/share.
At current price of Rs 600, stock is trading at 26.3x and 25x P/E and 13.1x and 12.4x EV/EBITDA on FY20/21 consolidated estimates respectively. We continue to remain positive on the company and roll forward our price target on FY21 estimates. We maintain BUY with a revised price target of Rs 754 (Rs 707 earlier) based on sum of the parts methodology on FY21 estimates.
We believe that PHNX offers a unique way to play India’s retail growth story due to its (a) strong track record of execution and (b) scalability, as reflected in the line-up of five new under-construction malls and (c) robust cash generation. 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 INR 785 (upside 27%).
We believe that PHNX is a unique play in India’s retail growth story due to its(a) experienced management with successful track record of execution, (b) scalability as reflected in the line-up of five new under-construction malls, and (c) robust cash generation. We value PHNX’s retail assets based on 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 INR708 (upside 20%).
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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