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Last Updated : Aug 02, 2019 03:11 PM IST | Source: Moneycontrol.com

Buy Future Retail; target of Rs 550: Motilal Oswal

Motilal Oswa is bullish on Future Retail has recommended buy rating on the stock with a target price of Rs 550 in its research report dated August 01, 2019.

Broker Research @moneycontrolcom
 
 
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Motilal Oswal 's research report on Future Retail


FRL reported revenue growth of 14% YoY (in-line) to INR52.3b in 1QFY20. EBITDA grew 20% YoY to INR2.7b on a pre-Ind-AS 116 basis (reported EBITDA at INR6.3b), with margin improving 30bp YoY to 5.1% led by healthy SSSG of 8.3% YoY. PAT (pre-Ind-AS) grew 11% YoY to INR1.7b (reported growth of +6% YoY, implying an impact of INR75m from the accounting change).


Outlook


We ascribe 9x EV/EBITDA on FY21E basis (post Ind-AS 116 adjustment), arriving at a target price of INR550 (unchanged). Maintain Buy.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Aug 2, 2019 03:11 pm
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