Anand Rathi is bullish on Aditya Birla Fashion and Retail has recommended buy rating on the stock with a target price of Rs 237 in its research report dated September 19, 2018.
Anand Rathi's research report on Aditya Birla Fashion and Retail
Following its successful foray into men’s innerwear, Aditya Birla Fashion is now extending its brand and launching Van Heusen women’s innerwear and athleisure. At present, women’s innerwear, a `160bn market has a commanding ~65% of India’s innerwear market. We expect the company’s brand extension to lead to long-term positive returns as the cultural shift to casual and comfort wear is catching up and vast opportunities are thrown up in India’s women’s innerwear.
We introduce FY21e and roll forward our valuation. We reiterate our Buy rating on the stock, with a revised target price of `237 (previously `197) based on 19x FY21e EV/EBITDA.
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