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Motilal Oswal Report
While Raymond Lifestyle Ltd. benefits from strong brand affinity, its valuation has been impeded by sluggish execution in the past (volatility in PAT growth over FY10-20).
However, Raymond Lifestyle's renewed focus on growth, along with working capital discipline, could lead to a valuation re-rating over the medium term.
A growth recovery in the branded apparel segment, the scale-up of newer categories like sleepwear and innerwear, and the successful execution in Ethnix by Raymond are the key growth drivers, in our view.
We build in a CAGR of 9-11% in revenue/Ebitda/PAT over FY24-27. We value Raymond Lifestyle at a PE multiple of 30 times on Dec-26E, resulting in a target price of Rs 3,000 per share. Reiterate our Buy rating on Raymond Lifestyle.
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