Buy Bata India; target of Rs 580: Axis Direct
Axis Direct is bullish on Bata India has recommended buy rating on the stock with a target price of Rs 580 in its research report dated March 17, 2017.
Axis Direct's report on Bata India
Mr. Gopalakrishnan, MD and CEO of Bata India, stated in an interview that impact of demonetization on Bata sales lasted for only two weeks; the company came back strongly, posting double-digit sales growth in Jan- Feb’ 17.
We believe that effective implementation of these initiatives coupled with improving macro environment in a category dominated by unorganized will improve the sales growth. We estimate 20% EPS CAGR over FY17-20E. Maintain BUY with TP of Rs 580 based on fwd P/E of 29x.
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