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    HomeNewsBusinessHold Shoppers Stop; target of Rs 360: ICICI Direct

    Hold Shoppers Stop; target of Rs 360: ICICI Direct

    ICICI Direct recommended hold rating on Shoppers Stop with a target price of Rs 360 in its research report dated August 01, 2017.

    August 02, 2017 / 13:33 IST

    ICICI Direct's research report onShoppers Stop

    Hyper City reported revenue growth of 8.8% YoY to Rs 282 crore. Like to like sales growth for the quarter was at 2.4% YoY with LTL volume degrowth of 6% YoY. The revenue growth was impacted due to mall related issues in Vashi and Malad. SSL is in the process of refurbishing and rightsizing of the Hyper City stores.

    Outlook

    Rationalising of space in Hyper City and higher proportion of fashion would improve EBITDA margins. We have revised our revenue estimates marginally upwards for FY18E and FY19E. We continue to maintain HOLD recommendation on SSL with a revised target price of Rs 360 (SOTP based –0.7x (departmental format) and 0.6x (HyperCity format) FY19E EV/sales).

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    first published: Aug 2, 2017 01:33 pm

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