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Reduce Avenue Supermarts, target price Rs 3000: ICICI Securities

ICICI Securities has reduce call on with a target price of Rs 3000. The current market price of Avenue Supermarts Ltd. is Rs 3341.35. Time period given by analyst is one year when Avenue Supermarts Ltd. price can reach defined target.

Avenue Supermarts Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 216683.87 Crore) operating in Retail sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 7459.80 Crore, down -1.68 % from last quarter Total Income of Rs 7587.32 Crore and up 18.58 % from last year same quarter Total Income of Rs 6290.78 Crore. Company reported net profit after tax of Rs 413.87 Crore in latest quarter.

Investment Rationale
Earnings estimates are largely unchanged for FY23E; the brokerage now model revenue / EBITDA / PAT CAGR of 35% / 48% / 49% over FY21-23E. It maintains REDUCE with DCF-based revised target price of Rs3,000. Key upside risks are fast turnaround of e-commerce operations and lower-than-expected competitive intensity.

Promoter/FII Holdings
Promoters held 75 per cent stake in the company as of March 31, 2021, while FIIs held 10.3 per cent, DIIs 6.5 per cent and public and other 8.2 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.

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