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Buy Trent: target of Rs 1430: ICICI Securities

ICICI Securities is bullish on Trent has recommended buy rating on the stock with a target price of Rs 1430 in its research report dated April 28, 2022.

April 29, 2022 / 01:44 PM IST
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ICICI Securities research report on Trent

Trent’s Q4FY22 revenue of Rs11.9bn (up 53% YoY) was ahead of our / consensus estimates, while EBITDA of Rs1.52bn was below our expectation owing to higher costs. In Q4, Westside format registered LFL growth of 16%/21% over FY20/FY21, respectively. In FY22, the company added 125+ new stores, taking the total store count to 200 for Westside and 236 for Zudio stores. Net cash declined from Rs4.3bn to Rs650mn despite OCF generation of Rs2.9bn due to Rs4bn working capital requirements, Rs2bn capex and net (of dividend) investments of Rs0.5bn in subsidiaries.


Factoring higher than expected Zudio store additions, we raise our FY22-23E pre Ind-AS 116 EBITDA by 5-10%. We raise our DCF-based target price to Rs1,430/sh (earlier: Rs1,250/sh). Maintain BUY, given the company’s strong track record of execution.

For all recommendations report, click here

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first published: Apr 29, 2022 01:41 pm