Phoenix Mills - Delivering Growth Through Expansion: Motilal Oswal

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.The Phoenix Mills Ltd. has progressed well on ramping up occupancy in Indore and Ahmedabad. It has recently inaugurated Pune mall and is on track to deliver Bengaluru mall in Q3 FY24. We believe that Phoenix Mills’ growth trajectory continues to remain intact, however a large part of earnings growth over the next two years is already priced in and we see limited upside potential in the near term. Thus we reiterate our 'Neutral' rating with a target price of Rs 1,845. While near-term growth is priced in, the company’s upcoming mall portfolio provides strong growth visibility over the next three-four years. Hence, if we push up the valuation base to the end of FY27 (two-year return), taking into account a stabilized rental run rate for the upcoming malls and no pending capex, then our valuation for the retail segment increases to Rs 315 billion from Rs 260 billion in the base case. Accordingly, our target price increases to Rs 2,150, indicating a two-year return potential of 19%..Click on the attachment to read the full report:.Phoenix Mills - Pressing The Growth Pedal: ICICI Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Phoenix Mills - Delivering Growth Through Expansion: Motilal Oswal

While near-term growth is priced in, the company’s upcoming mall portfolio provides strong growth visibility over the next 3-4 yrs

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