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Mutlibagger realty stock to turn ex-dividend on 12 Sept. Should you buy?

Experts are optimistic about Phoenix Mills shares as the company sustained strong consumption growth in August month. Also, its June 2022 quarterly performance was healthy. (PTI)Premium
Experts are optimistic about Phoenix Mills shares as the company sustained strong consumption growth in August month. Also, its June 2022 quarterly performance was healthy. (PTI)

  • Phoenix Mills dividend: The company will turn ex-dividend on September 12 ahead of its record date. The company plans to pay a final dividend of 2.4 per equity share having a face value of 2 each (120%) for the fiscal year FY22.

Phoenix Mills dividend: Residential commercial developer, Phoenix Mills will be in focus this week as the shares turn ex-dividend on Monday ahead of its record date. The midcap stock has emerged as a multi-bagger by giving triple-digit returns to investors in 2 years. While the shares have climbed nearly 60% in a year. Last week, Phoenix Mills crossed the 1,400 mark and inched closer to its 52-week high. Experts are optimistic about Phoenix Mills shares as the company sustained strong consumption growth in August month. Also, its June 2022 quarterly performance was healthy.

Phoenix Mills will turn ex-dividend on September 12 ahead of its record date. The company plans to pay a final dividend of 2.4 per equity share having a face value of 2 each (120%) for the fiscal year FY22.

In its annual general meeting (AGM) notice, Phoenix Mills stated that The Register of Members and Share Transfer Books of the Company will remain closed from Wednesday, September 14, 2022, to Tuesday, September 20, 2022 (both days inclusive) for the purpose of payment of dividend, if approved by the Members, and AGM."

The eligible shareholders for the dividend benefit will be those whose name appears as Beneficial Owners at the end of the business hours on Tuesday, September 13, 2022, in the list of Beneficial Owners to be furnished by NSDL and CDSL.

The company plans to pay a dividend on or after September 21, 2022.

The AGM will be scheduled on September 20, 2022.

On BSE, Phoenix Mils shares closed at 1,395.35 apiece marginally up on Friday compared to the previous closing. The shares had touched an intraday high of 1405.85 apiece -- which was near the 52-week high of 1,448.35 apiece.

The company's market cap is around 24,915.82 crore.

In a year, Phoenix Mills shares have climbed by at least 59.6% on Dalal Street. The shares were around 874 on September 9 last year.

While the shares have skyrocketed by a whopping nearly 125% or 2.25 times on D-Street. The shares were near 621 apiece on September 9, 2020.

Should you buy Phoenix Mills shares?

In the latest report dated September 8, Adhidev Chattopadhyay Research Analyst at ICICI Securities said, “The Phoenix Mills (PHNX) saw Aug’22 like-to-like (LTL) consumption across malls at Rs6.7 billion or 114% of Aug’19 levels and mirrors the Jul’22 LTL consumption growth which was at 120% of Jul’19 levels on the back of retailers’ End of Season sale."

 Chattopadhyay added, "In Q1FY23 (Apr-Jun’22), LTL consumption across malls stood at Rs19.8 billion or 111% of Apr-Jun’19 (Q1FY20) levels which translated into Q1FY23 retail LTL  EBITDA of Rs2.9 billion or 115% of Q1FY20 levels. Owing to continued consumption strength, we model for FY23E rental income of Rs13.7 billion (Rs12.2 billion on LTL basis vs. Rs10.3 billion in FY20). With Indore and Ahmedabad malls to open in FY23E and Pune (Wakad) and Bengaluru (Hebbal) in FY24E, we expect 17% rental income CAGR over FY20-25E."

The analyst's note added, "We reiterate our BUY rating with an unchanged target price of 1,645/share based on 20% premium to our Mar’23E NAV of 1,371/share which includes an increase in Palladium, Mumbai leasable area and considers growth opportunities from new office CAPEX and new malls (including Surat). Key risks to our call are a fresh Covid wave impacting mall consumption and a fall in mall occupancies and rentals."

In Q1FY23, the company's consolidated net profit of 718.7 crore compared to a loss of 24.33 crore in the same quarter last year. Consolidated revenue from operations stood at 574.39 crore in Q1FY23 against 199.32 crore in the corresponding period a year ago.

 

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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