Stock MINDSPACE MINDSPACE BUSINESS PARKS REIT
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Financials Mindspace Business Parks REIT Bombay S.E.

Equities

MINDSPACE

INE0CCU25019

Commercial REITs

Market Closed - Bombay S.E.
Other stock markets
 06:00:52 2024-04-29 am EDT 		5-day change 1st Jan Change
353.3 INR +0.01% Intraday chart for Mindspace Business Parks REIT +3.28% +9.60%
Mar. 28 Mindspace Business Parks REIT Announces the Record Date, Purpose of Record Date and Date of Payment of Principal for Non ­Convertible Debenture CI
Jan. 30 Transcript : Mindspace Business Parks REIT, Q3 2024 Earnings Call, Jan 30, 2024

Valuation

Fiscal Period: March 2021 2022 2023 2024 2025 2026
Capitalization 1 174,863 205,505 193,976 209,638 - -
Enterprise Value (EV) 1 207,264 246,513 244,370 265,405 273,962 280,551
P/E ratio 38.1 x 48.5 x 68.4 x 36.5 x 31.7 x 27.2 x
Yield 3.25% 5.32% 5.84% 5.53% 6.02% 6.64%
Capitalization / Revenue 15.4 x 11.7 x 8.5 x 8.83 x 8.24 x 7.23 x
EV / Revenue 18.2 x 14.1 x 10.7 x 11.2 x 10.8 x 9.67 x
EV / EBITDA 24.5 x 18.1 x 15.9 x 15.3 x 14.3 x 13 x
EV / FCF 52.6 x 21.5 x 39 x 45.1 x 29.1 x 22.8 x
FCF Yield 1.9% 4.66% 2.57% 2.22% 3.44% 4.38%
Price to Book 1.07 x 1.32 x 1.31 x 1.46 x 1.53 x 1.61 x
Nbr of stocks (in thousands) 593,018 593,018 593,018 593,018 - -
Reference price 2 294.9 346.5 327.1 353.5 353.5 353.5
Announcement Date 5/14/21 5/12/22 5/4/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2021 2022 2023 2024 2025 2026
Net sales 1 11,381 17,501 22,821 23,729 25,443 29,011
EBITDA 1 8,458 13,648 15,376 17,385 19,150 21,626
EBIT 1 6,494 10,359 11,822 13,881 15,407 17,453
Operating Margin 57.06% 59.19% 51.8% 58.5% 60.56% 60.16%
Earnings before Tax (EBT) 1 4,794 7,143 7,384 9,489 10,180 12,106
Net income 1 3,075 4,238 2,836 5,805 6,683 7,816
Net margin 27.02% 24.22% 12.43% 24.46% 26.27% 26.94%
EPS 2 7.740 7.150 4.780 9.678 11.15 13.02
Free Cash Flow 1 3,940 11,488 6,270 5,891 9,426 12,297
FCF margin 34.62% 65.64% 27.47% 24.83% 37.05% 42.39%
FCF Conversion (EBITDA) 46.58% 84.17% 40.78% 33.89% 49.22% 56.86%
FCF Conversion (Net income) 128.13% 271.07% 221.09% 101.49% 141.05% 157.34%
Dividend per Share 2 9.590 18.45 19.10 19.54 21.28 23.47
Announcement Date 5/14/21 5/12/22 5/4/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 4,234 4,404 4,666 4,813 6,789 5,603 5,667 5,898 6,293 5,992 6,199
EBITDA 1 3,266 3,443 3,506 3,753 3,759 4,076 4,047 4,241 4,517 4,422 4,498
EBIT 1 2,531 2,664 2,650 2,906 2,897 3,151 3,127 3,308 3,542 3,405 3,533
Operating Margin 59.78% 60.49% 56.79% 60.38% 42.67% 56.24% 55.18% 56.09% 56.28% 56.83% 56.99%
Earnings before Tax (EBT) 1 1,951 1,993 2,534 2,189 2,092 2,292 810 2,343 2,451 2,351 2,485
Net income 1 1,201 1,362 1,262 1,182 874 1,159 -292 1,275 1,412 1,378 1,608
Net margin 28.37% 30.93% 27.05% 24.56% 12.87% 20.69% -5.15% 21.62% 22.44% 23% 25.94%
EPS 2 2.020 2.300 2.130 1.990 1.330 1.950 -0.4900 2.150 2.380 2.320 2.600
Dividend per Share 2 4.600 4.640 4.610 - - - - - 4.790 - 5.000
Announcement Date 11/12/21 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 -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2021 2022 2023 2024 2025 2026
Net Debt 1 32,401 41,008 50,394 55,767 64,324 70,913
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.831 x 3.005 x 3.277 x 3.208 x 3.359 x 3.279 x
Free Cash Flow 1 3,940 11,488 6,270 5,891 9,426 12,297
ROE (net income / shareholders' equity) 3.89% 2.66% 1.87% 3.99% 4.61% 5.64%
ROA (Net income/ Total Assets) 2.76% - - 3.2% 3.7% 4.2%
Assets 1 111,361 - - 181,397 180,616 186,092
Book Value Per Share 2 275.0 263.0 249.0 242.0 231.0 219.0
Cash Flow per Share 2 18.90 19.60 23.50 19.40 21.00 26.00
Capex 1 3,585 5,742 7,660 9,281 8,047 5,643
Capex / Sales 31.5% 32.81% 33.57% 39.11% 31.63% 19.45%
Announcement Date 5/14/21 5/12/22 5/4/23 - - -
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
353.5 INR
Average target price
370.1 INR
Spread / Average Target
+4.71%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Office REITs
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