Phoenix Mills Dividend: Residential commercial developer, Phoenix Mills will be in focus this week as shares turn ex-dividend on the Monday before their record date. The midcap stock has emerged as a multi-bagger by giving investors triple digit returns in 2 years. Whereas the shares have gained about 60 per cent in one year. Last week, Phoenix Mills crossed 1,400 points and close to its 52-week high. Experts are optimistic about Phoenix Mills shares as the company has maintained strong consumption growth in August. Also, its June 2022 quarter performance was good.
Phoenix Mills Will convert to ex-dividend on September 12 from its record date. The company plans to make a final payment Dividend of 2.4 per equity share whose face value is 2 each (120%) for the financial year FY22.
Phoenix Mills in its Annual General Meeting (AGM) notice stated that the Register of Members and Share Transfer Books of the Company shall remain closed from Wednesday, September 14, 2022 to Tuesday, September 20, 2022 (both days inclusive). The object of payment of dividend, if approved by the members and the AGM.”
Shareholders eligible for dividend benefit shall be those whose name appears in the list of beneficial owners to be submitted by NSDL and CDSL as the beneficial owner at the close of business hours on Tuesday, the 13th September, 2022.
The company plans to pay dividend on or after September 21, 2022.
The AGM will be scheduled on September 20, 2022.
Shares of Phoenix Mills closed on BSE There was a marginal increase of 1,395.35 each on Friday as compared to the previous close. Shares had touched intraday highs 1405.85 each — near a 52-week high 1,448.35 each.
The market cap of the company is approx. 24,915.82 crore.
In one year, shares of Phoenix Mills on Dalal Street have climbed at least 59.6%. shares were around 874 on September 9 last year.
While shares on D-Street have gained about 125% or 2.25 times. shares were close 621 each on September 9, 2020.
Should you buy Phoenix Mills shares?
In the latest September 8 report, Adhidev Chattopadhyay Research Analyst at ICICI Securities said, “Phoenix Mills (PHNX) saw Like-to-Like (LTL) consumption in malls in August ’22 at Rs 6.7 billion or 114% of August’s The level of .19 and July ’22 reflects LTL consumption growth which was at 120% of the level of July’19 at retailers’ end-of-season sales.”
Chattopadhyay said, “In Q1FY23 (April-June’22), LTL consumption in malls was Rs 19.8 billion or 111% of April-June’19 (Q1FY20) level, which translated into Q1FY23 retail LTL EBITDA of Rs 2.9 billion or Rs. was 115% of Q1FY20 levels. Due to continued consumption strength, we model FY23E rental income for Rs 13.7 billion (Rs 12.2 billion on LTL basis versus Rs 10.3 billion in FY20). Indore and Ahmedabad mall openings in FY23E and for Pune (Wakad) and Bengaluru (Hebbal) in FY24E, we expect rental income CAGR of 17% in FY20-25E.”
“We reiterate our BUY rating with an unchanged target price,” the analyst’s note said. 1,645/share based on 20% premium of our Mar’23E NAV 1,371/share which includes increase in the leasable area of Palladium, Mumbai and envisages growth opportunities from new office CAPEX and new mall (including Surat). The major risks to our call are a fresh Covid wave impacting mall consumption and a drop in mall occupancy and rents.”
In Q1FY23, the company’s consolidated net profit 718.7 crore as compared to a loss of Rs. 24.33 crore in the same quarter last year. Consolidated revenue from operations stood at 574.39 crore in Q1FY23 as against 199.32 crore in the same period a year ago.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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