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Motilal Oswal Report
Shoppers Stop Ltd. reported 4% YoY growth in Ebitda (6% miss) in Q4 FY24, as 9% YoY revenue growth was offset by inventory write-off and gross margin contraction of 270 basis points YoY. However, controlled costs supported Ebitda margin, which declined 70 bp YoY.
The management anticipates demand improvement in FY25, which, along with steady store additions, particularly in the Intune and beauty segments, could drive growth in the coming period.
We expect a CAGR of 15%/20% in revenue/Ebitda over FY24-26. We value Shoppers Stop at 10 times FY26E enterprise value/Ebitda to arrive at our target price of Rs 695. Reiterate Neutral.
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