Phoenix Mills Share price: Initiates coverage with a BUY rating and Fair Value estimate of Rs 960/share
Kotak Institutional Equities initiates coverage on Phoenix Mills with a BUY rating and Fair Value estimate of Rs 960/share, offering 20% upside to CMP of Rs 801/share. Phoenix Milla offers investors the opportunity to align with the long-term growth in organized retail that will likely benefit from continued urbanization and rising income levels.
Phoenix Mills currently trades at 14X adjusted EV/EBITDA and 30X P/E on FY2023E, even as the company will likely grow earnings at 16% CAGR between FY2020 and FY2025E: Reuters