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Motilal Oswal Report
Metro Brands Ltd.'s stock performance has been flattish in CY24 and has underperformed benchmark indices due to both internal and external factors. Internal factors included:
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the liquidation of old FILA inventory, which impacted gross margins, and
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a decline in revenue per sq. ft., driven by a lower share of Crocs in the incremental store rollouts.
External factors included:
challenges arising from the BIS implementation, which led to delays in the FILA expansion, and
overall demand weakness in the footwear category.
However, we believe these are short-term bumps and remain optimistic about the long-term outlook for Mdtro Brands, given its:
strong runway for growth, funded through internal accruals, and
superior execution and store economics, as reflected by its healthy RoIC of 30%+.
We reiterate our Buy rating with a target price of Rs 1,460 (based on 70 times Dec'26E P/E).
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