MINDSPACE BUSINESS PARKS REIT |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 354.2 INR | +1.31% |
|
-0.22% | +9.56% |
| May. 02 | Jefferies Adjusts Mindspace Business Park’s Price Target to INR401 From INR365, Keeps at Buy | MT |
| Apr. 30 | Transcript : Mindspace Business Parks REIT, Q4 2024 Earnings Call, Apr 30, 2024 |
Valuation
| Fiscal Period: March | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 174,863 | 205,505 | 193,976 | 204,823 | 210,047 | - | - |
| Enterprise Value (EV) 1 | 207,264 | 246,513 | 244,370 | 204,823 | 278,737 | 285,285 | 299,751 |
| P/E ratio | 38.1 x | 48.5 x | 68.4 x | 39 x | 31.3 x | 26.9 x | 25.7 x |
| Yield | 3.25% | 5.32% | 5.84% | - | 6% | 6.66% | 7.18% |
| Capitalization / Revenue | 15.4 x | 11.7 x | 8.5 x | 8.43 x | 8.15 x | 7.3 x | 6.76 x |
| EV / Revenue | 18.2 x | 14.1 x | 10.7 x | 8.43 x | 10.8 x | 9.92 x | 9.65 x |
| EV / EBITDA | 24.5 x | 18.1 x | 15.9 x | 11.7 x | 14.4 x | 13.1 x | 13.2 x |
| EV / FCF | 52.6 x | 21.5 x | 39 x | - | 22.3 x | 20.4 x | 20.9 x |
| FCF Yield | 1.9% | 4.66% | 2.57% | - | 4.48% | 4.91% | 4.79% |
| Price to Book | 1.07 x | 1.32 x | 1.31 x | - | 1.55 x | 1.63 x | 1.74 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 | 354.2 | 354.2 | 354.2 |
| 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: March | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 11,381 | 17,501 | 22,821 | 24,292 | 25,784 | 28,764 | 31,066 |
| EBITDA 1 | 8,458 | 13,648 | 15,376 | 17,511 | 19,420 | 21,717 | 22,727 |
| EBIT 1 | 6,494 | 10,359 | 11,822 | 13,684 | 15,652 | 17,651 | 18,612 |
| Operating Margin | 57.06% | 59.19% | 51.8% | 56.33% | 60.7% | 61.37% | 59.91% |
| Earnings before Tax (EBT) 1 | 4,794 | 7,143 | 7,384 | 9,106 | 10,188 | 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% | 26.04% | 27.17% | 26.23% |
| EPS 2 | 7.740 | 7.150 | 4.780 | 8.850 | 11.32 | 13.17 | 13.79 |
| Free Cash Flow 1 | 3,940 | 11,488 | 6,270 | - | 12,493 | 14,010 | 14,350 |
| FCF margin | 34.62% | 65.64% | 27.47% | - | 48.45% | 48.71% | 46.19% |
| FCF Conversion (EBITDA) | 46.58% | 84.17% | 40.78% | - | 64.33% | 64.51% | 63.14% |
| FCF Conversion (Net income) | 128.13% | 271.07% | 221.09% | - | 186.04% | 179.24% | 176.13% |
| Dividend per Share 2 | 9.590 | 18.45 | 19.10 | - | 21.25 | 23.60 | 25.44 |
| 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 | - | 68,690 | 75,238 | 89,704 |
| Net Cash position 1 | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.831 x | 3.005 x | 3.277 x | - | 3.537 x | 3.465 x | 3.947 x |
| Free Cash Flow 1 | 3,940 | 11,488 | 6,270 | - | 12,493 | 14,010 | 14,350 |
| ROE (net income / shareholders' equity) | 3.89% | 2.66% | 1.87% | - | 4.63% | 5.59% | 6.31% |
| ROA (Net income/ Total Assets) | 2.76% | - | - | - | 3.64% | 4.07% | 4.38% |
| Assets 1 | 111,361 | - | - | - | 184,533 | 192,217 | 186,189 |
| Book Value Per Share 2 | 275.0 | 263.0 | 249.0 | - | 229.0 | 217.0 | 204.0 |
| Cash Flow per Share 2 | 18.90 | 19.60 | 23.50 | - | 21.80 | 23.30 | 27.20 |
| Capex 1 | 3,585 | 5,742 | 7,660 | - | 7,705 | 5,836 | 6,000 |
| Capex / Sales | 31.5% | 32.81% | 33.57% | - | 29.88% | 20.29% | 19.31% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
354.2
INR
Average target price
382
INR
Spread / Average Target
+7.85%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +9.56% | 2.48B | |
| -13.27% | 9.67B | |
| -0.82% | 6.78B | |
| -6.34% | 5.03B | |
| -7.03% | 5B | |
| -2.74% | 4.2B | |
| -14.81% | 4.02B | |
| +6.23% | 3.91B | |
| +13.55% | 3.41B | |
| -11.98% | 3.26B |
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- MINDSPACE Stock
- Financials Mindspace Business Parks REIT