with a market valuation of 25,413.12 crore, Phoenix Mills Limited is a large-cap company in the consumer discretionary industry. In the Indian real estate market, Phoenix Mills Limited has established itself as a specialist in large shopping malls, entertainment centres, office buildings and hotels. Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly and Ahmedabad are among the cities where the group has real estate business. Retail, residential, commercial and hospitality sectors are all part of the company’s real estate business strategy. Despite issuing 1 bonus share since the inception of the company, converted in 1 lakh The shares of Phoenix Mills Limited are included in the multibagger shares at the current market price of Rs 53 crore.
Phoenix Mills Share Price and Bonus Share History
Shares of Phoenix Mills ended today’s trading session on the BSE at Rs. Up 3.81% from previous close of Rs 1,428. 1,375.65. A total of 9,579 shares were traded on the BSE today, lower than the 20-day average of 14,440 shares in the stock. From 1.33, the current price level on 13 October 1995, has skyrocketed the stock price, resulting in a massive multibagger return of 107,268.42%. The stock has given a multibagger return of 173.64% in the last five years and a multibagger return of 101.12% during the last three years. The stock is up 44.26% over the past year, and has climbed 46.08% YTD in 2022. The stock had touched a 52-week high. (14/09/2022) a 52-week low of 1,468.95 and 884.30 (08/03/2022), indicating that the stock is trading up 2.78% from the high and 61.48% from the low at the current market price. For the quarter ended June 2022, the company recorded promoter stake of 47.32%, FII of 31.60%, DII of 16.68% and Public stake of 4.40%.
If someone had invested Rs. 1 lakh initially, when the share price is Rs. 1.33 a piece, he would have received a shareholding of 75,187 shares in the company. However, as per the data available on BSE, the company declared its first bonus share in the ratio of 4:1 on December 9, 2005. Your stake would have increased from 75,187 to 375,935 shares after the bonus is issued. This indicates that the value of your total stake would have been 53.68 crore at the current market price of 1,428.
Should you buy Phoenix Mills shares?
“The Phoenix Mills’ (PHNX) FY21 and FY22 operations were impacted due to continuous COVID waves with mall closures across India,” research analysts at broking company ICICI Securities Ltd said in a report today. In FY22, same-to-similar mall consumption stood at 64% of FY20 levels, with LTL rental income at 72% of FY20 levels (including spillovers from FY21). However, with the impact of COVID easing, in Q1FY23 (Apr-June’22), LTL consumption in malls stood at Rs 19.8bn or 111% of April-June’19 (Q1FY20) which translates to Q1FY23 retail LTL EBITDA Made in Rs 2.9bn. Or 115% of the Q1FY20 levels. Similarly, in Q2FY23, Aug’22 (LTL) consumption of malls has come down to 114% of Aug’19 level with LTL consumption of Jul’22 at 120% of Jul’19 level. Due to continued consumption strength, we model FY23E rental income to be 13.7bn (Rs 12.2bn on LTL basis versus Rs 10.3bn in FY20). With Indore and Ahmedabad malls in FY23E and Pune (Wakad) and Bengaluru (Hebbal) in FY24E, we expect 17% rental income CAGR in FY20-25E.
He further added that “We reiterate our BUY rating with a revised target price of Rs 1,638/share (earlier 1,645) based on a 20% premium to our Mar’23E NAV of 1,371/share which includes an increase in Palladium, Mumbai considers growth opportunities from leasable area and new office capital expenditure and new malls (including Surat). The major risk to our call is a fresh Covid wave impacting mall consumption and malls living and There is a drop in rent.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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