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Investing.com - Jefferies initiated coverage on Phoenix Mills Ltd (NS:PHNX) with a Buy rating and a price target of INR1,980.00 on Thursday.
The investment firm highlighted Phoenix Mills’ unique retail-focused portfolio, strong balance sheet, and consistent execution as factors making it one of the most attractive property companies in India.
Jefferies projects a 17% compound annual growth rate (CAGR) in lease income over six years, driven by expansion (7%), organic growth (6%), and densification (4%).
The firm noted that while near-term earnings have slowed due to portfolio rejuvenation, this creates an entry opportunity for long-term investors.
The price target of INR1,980 is based on an 18.5x mall EV/EBITDA valuation multiple, according to Jefferies.
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