Hold Page Industries: target of Rs 35175: ICICI Direct

ICICI Direct's research report on Page Industries

Page Industries is the exclusive licensee of Jockey international brand and is the market leader in premium innerwear and leisurewear category. The brand is distributed in 2,895+ cities & towns and available in 80,000+ MBOs and 930+ EBOs. It sold ~ 148 million pieces in FY21. Strong backward integration facilities having capacity of 260 million pieces Robust business model generating 55%+ RoCE, delivering consistent EBITDA margins of 20%+ and having debt free b/s

Outlook

We maintain HOLD recommendation on the stock We value Page at Rs 35175 i.e. 62x FY23E EPS