Buy Phoenix Mills; target of Rs 792: Motilal Oswal

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Motilal Oswal 's research report on Phoenix Mills

The near-term uncertainty in PHNX's business, especially retail malls (one of the worst hit businesses due to COVID-19), remains a challenge. However, in the medium-to-long term, PHNX still remains one of the best proxy plays on India's consumption story. Reiterate Buy on account of favorable risk-reward.

Outlook

We value PHNX's retail assets using DCF-based NAV approach, assuming cap rate of 9.5% and discount rate of 13.5%. Maintain Buy with an SOTP-based TP of INR792/share.

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