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    Hold Avenue Supermarts; target of Rs 4000: ICICI Direct

    ICICI Direct recommended hold rating on Avenue Supermarts with a target price of Rs 4000 in its research report dated January 16, 2023.

    Broker Research
    January 17, 2023 / 05:49 PM IST
     
     
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    ICICI Direct's research report on Avenue Supermarts

    Avenue Supermarts (ASL) operates supermarket chain under the ‘D-Mart’ brand with core focus on value retailing. D-Mart, through its proven business model, has been able to maintain consistent profitability and remains an exceptional performer in its peer group. D-Mart has progressively enhanced its return ratios (RoIC: 20%+) despite being capital intensive (follows ownership model) • Robust store operating metrics (breakeven in 18-24 months of its operations and one of industry best revenue/sq ft: Rs 30000+).

    Outlook

    We maintain HOLD recommendation on the stock. We value ASL at Rs 4000 i.e. 4x FY25E EV/Sales.