Stock MINDSPACE MINDSPACE BUSINESS PARKS REIT
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Financials Mindspace Business Parks REIT

Equities

MINDSPACE

INE0CCU25019

Commercial REITs

Market Closed - NSE India S.E.
Other stock markets
 07:58:33 2024-06-07 am EDT 		5-day change 1st Jan Change
341.9 INR -0.59% Intraday chart for Mindspace Business Parks REIT -1.75% +5.75%
May. 24 Mindspace Business Parks REIT Launches Electric Shuttle Service At Mindspace Madhapur CI
May. 13 Mindspace Business Parks REIT Announces Issue of Up to 50,000 Listed, Rated, Secured, Non-Cumulative, Taxable, Transferable, Redeemable Non-Convertible Debentures of Nominal Value of INR 100,000 Each on Private Placement Basis CI

Valuation

Fiscal Period: März 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 174,863 205,505 193,976 204,823 202,741 - -
Enterprise Value (EV) 1 207,264 246,513 244,370 204,823 266,276 274,719 291,732
P/E ratio 38.1 x 48.5 x 68.4 x 39 x 30.2 x 26 x 24.8 x
Yield 3.25% 5.32% 5.84% - 6.21% 6.9% 7.34%
Capitalization / Revenue 15.4 x 11.7 x 8.5 x 8.43 x 7.88 x 7.05 x 6.49 x
EV / Revenue 18.2 x 14.1 x 10.7 x 8.43 x 10.4 x 9.55 x 9.34 x
EV / EBITDA 24.5 x 18.1 x 15.9 x 11.7 x 13.8 x 12.7 x 12.8 x
EV / FCF 52.6 x 21.5 x 39 x - 23.3 x 21.8 x 20.5 x
FCF Yield 1.9% 4.66% 2.57% - 4.28% 4.6% 4.88%
Price to Book 1.07 x 1.32 x 1.31 x - 1.48 x 1.56 x 1.68 x
Nbr of stocks (in thousands) 593,018 593,018 593,018 593,018 593,018 - -
Reference price 2 294.9 346.5 327.1 345.4 341.9 341.9 341.9
Announcement Date 5/14/21 5/12/22 5/4/23 4/30/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2021 2022 2023 2024 2025 2026 2027
Net sales 1 11,381 17,501 22,821 24,292 25,721 28,772 31,241
EBITDA 1 8,458 13,648 15,376 17,511 19,340 21,703 22,709
EBIT 1 6,494 10,359 11,822 13,684 15,551 17,628 18,569
Operating Margin 57.06% 59.19% 51.8% 56.33% 60.46% 61.27% 59.44%
Earnings before Tax (EBT) 1 4,794 7,143 7,384 9,106 10,339 12,031 12,979
Net income 1 3,075 4,238 2,836 5,250 6,715 7,816 8,148
Net margin 27.02% 24.22% 12.43% 21.61% 26.11% 27.17% 26.08%
EPS 2 7.740 7.150 4.780 8.850 11.32 13.17 13.80
Free Cash Flow 1 3,940 11,488 6,270 - 11,406 12,625 14,224
FCF margin 34.62% 65.64% 27.47% - 44.35% 43.88% 45.53%
FCF Conversion (EBITDA) 46.58% 84.17% 40.78% - 58.98% 58.17% 62.64%
FCF Conversion (Net income) 128.13% 271.07% 221.09% - 169.86% 161.52% 174.58%
Dividend per Share 2 9.590 18.45 19.10 - 21.22 23.58 25.08
Announcement Date 5/14/21 5/12/22 5/4/23 4/30/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 4,404 4,666 4,813 6,789 5,603 5,667 5,898 6,293 5,992 6,100
EBITDA 1 3,443 3,506 3,753 3,759 4,076 4,047 4,241 4,517 4,422 4,337
EBIT 1 2,664 2,650 2,906 2,897 3,151 3,127 3,308 3,542 3,405 3,397
Operating Margin 60.49% 56.79% 60.38% 42.67% 56.24% 55.18% 56.09% 56.28% 56.83% 55.69%
Earnings before Tax (EBT) 1 1,993 2,534 2,189 2,092 2,292 810 2,343 2,451 2,351 1,962
Net income 1 1,362 1,262 1,182 874 1,159 -292 1,275 1,412 1,378 1,186
Net margin 30.93% 27.05% 24.56% 12.87% 20.69% -5.15% 21.62% 22.44% 23% 19.44%
EPS 2 2.300 2.130 1.990 1.330 1.950 -0.4900 2.150 2.380 2.320 2.000
Dividend per Share 4.640 4.610 - - - - - 4.790 - -
Announcement Date 2/10/22 5/12/22 8/10/22 11/14/22 1/30/23 5/4/23 7/25/23 10/30/23 1/29/24 4/30/24
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 32,401 41,008 50,394 - 63,535 71,978 88,991
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 3.831 x 3.005 x 3.277 x - 3.285 x 3.316 x 3.919 x
Free Cash Flow 1 3,940 11,488 6,270 - 11,407 12,625 14,225
ROE (net income / shareholders' equity) 3.89% 2.66% 1.87% - 4.58% 5.58% 6.05%
ROA (Net income/ Total Assets) 2.76% - - - 3.6% 4.1% 4.4%
Assets 1 111,361 - - - 186,534 190,639 185,176
Book Value Per Share 2 275.0 263.0 249.0 - 231.0 219.0 204.0
Cash Flow per Share 2 18.90 19.60 23.50 - 21.70 23.30 27.20
Capex 1 3,585 5,742 7,660 - 7,722 5,836 6,000
Capex / Sales 31.5% 32.81% 33.57% - 30.02% 20.28% 19.21%
Announcement Date 5/14/21 5/12/22 5/4/23 4/30/24 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mindspace Business Parks REIT

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
341.9 INR
Average target price
382 INR
Spread / Average Target
+11.74%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Office REITs
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