Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

The Phoenix Mills Limited (PHOENIXLTD.BO)

Company Dividend Discount ModelIndustry: Real Estate - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$1,279.38 - $5,996.27$2,840.83
Multi-Stage$663.71 - $726.68$694.61
Blended Fair Value$1,767.72
Current Price$1,555.50
Upside13.64%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS10.04%9.18%2.502.511.200.490.011.551.341.240.232.03
YoY Growth---0.11%108.03%147.36%6,842.22%-99.55%15.50%8.67%433.27%-88.59%95.33%
Dividend Yield--0.16%0.14%0.15%0.08%0.00%0.53%0.41%0.37%0.10%1.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)10,782.65
(-) Cash Dividends Paid (M)891.95
(=) Cash Retained (M)9,890.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,156.531,347.83808.70
Cash Retained (M)9,890.709,890.709,890.70
(-) Cash Required (M)-2,156.53-1,347.83-808.70
(=) Excess Retained (M)7,734.178,542.879,082.00
(/) Shares Outstanding (M)357.62357.62357.62
(=) Excess Retained per Share21.6323.8925.40
LTM Dividend per Share2.492.492.49
(+) Excess Retained per Share21.6323.8925.40
(=) Adjusted Dividend24.1226.3827.89
WACC / Discount Rate7.49%7.49%7.49%
Growth Rate5.50%6.50%7.50%
Fair Value$1,279.38$2,840.83$5,996.27
Upside / Downside-17.75%82.63%285.49%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)10,782.6511,483.5212,229.9513,024.9013,871.5214,773.1615,216.36
Payout Ratio8.27%24.62%40.96%57.31%73.65%90.00%92.50%
Projected Dividends (M)891.952,826.975,009.787,464.4210,216.9813,295.8514,075.13

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.49%7.49%7.49%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,605.322,630.012,654.71
Year 2 PV (M)4,254.974,336.014,417.82
Year 3 PV (M)5,842.686,010.406,181.30
Year 4 PV (M)7,370.177,653.607,945.14
Year 5 PV (M)8,839.139,266.069,709.33
PV of Terminal Value (M)208,445.37218,513.36228,966.67
Equity Value (M)237,357.62248,409.44259,874.97
Shares Outstanding (M)357.62357.62357.62
Fair Value$663.71$694.61$726.68
Upside / Downside-57.33%-55.34%-53.28%

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