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HDFC Securities Institutional Equities
While FSN E-Commerce Ventures Ltd. remains an efficient online business, especially for beauty and personal care, its success in part is due to the absence of potent competitors (a fact that is gradually changing).
Fashion remains a WIP and its path to profitability remains unclear (despite the stated ambition). Ex-ad income, the lack of non-linear monetisation levers forces us to restrict our valuation compass somewhere between a linear business and a pure platform.
Hence, our Reduce rating on Nykaa stands with a discountd cash flow-based target price of Rs 165/share (implying 67 times June-26 enterprise value/Ebitda and 102 times June-26 price/earnings).
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