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Target: ₹1,638
CMP: ₹1,441.15
The Phoenix Mills’ saw November 2022 like-to-like (LTL) consumption across malls at ₹630 crore or 113 per cent of November 2019 levels but lower than October LTL growth of 18 per cent. For YTD FY23 (April-November 2022), LTL consumption growth stands at 115 per cent of April-November 2019 levels and we model for FY23 rental income of ₹1,370 crore.
With the Phoenix Citadel Indore mall opened on December 1 (88 per cent leased) and the Ahmedabad mall (99 per cent leased) scheduled to open in January 2023 and Pune (Wakad) and Bengaluru (Hebbal) in FY24, we expect 17 per cent rental income CAGR over FY20-25.
With a strong bounce back in consumption across categories in H1-FY23, retail rental income (excluding CAM) stood at ₹640 crore.
Phoenix will have about 13 million sq ft operational mall space by FY26 (6.9 million sq ft currently operational). We expect the company to achieve a 17 per cent rental income CAGR (ex-new Kolkata asset) over FY20-25, resulting in ₹2,240 crore of rental income in FY25 vs about ₹1,030 crore in FY20. Of the ₹2,250 crore of gross rental income in FY25, Phoenix’s share is about 77 per cent or ₹1,730 crore.
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