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Buy Bata India; target of Rs 2065: ICICI Direct

ICICI Direct is bullish on Bata India recommended buy rating on the stock with a target price of Rs 2065 in its research report dated November 16, 2022.

November 30, 2022 / 03:47 PM IST
 
 
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ICICI Direct's research report on Bata India

Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment. It has a pan-India presence with the largest network of retail stores having 1700+ stores. Bata has a vision to open 500 franchise stores over the next few years (current: 300). It has a robust balance sheet with healthy cash and bank balance worth Rs 946+ crore, negative working capital cycle and generating RoCE of 20%+.

Outlook

We maintain BUY recommendation on the stock and value Bata at Rs 2065 i.e. 50x FY24E EPS.